Executor Responsibilities in Pennsylvania Probate
After the owner of an estate dies, an executor is appointed or selected to manage certain responsibilities of the estate, and such executor responsibilities can include:
- setting up an estate bank account that will hold money owed to the Testator, such as paychecks or stock dividends;
- utilizing estate funds to continue paying certain expenses, such as mortgage payments, homeowner’s insurance premiums, utility bills, and certain other financial obligations;
- paying debts and, in the event of a probate proceeding, officially notifying creditors of the probate. Your attorney will tell you the priority of paying debts – for instance, generally the Funeral Director is paid first;
- paying taxes, including the submission of a final income tax return for the period of the beginning of the tax year until the date of death. State and federal estate tax returns are only required of larger estates, and you should check with an estate attorney for more information determining whether or not your estate applies;
- supervising the distribution of the Testator’s property in accordance with the stipulations of the decedent’s will and state law;
- providing a copy of any shareholder or partnership agreements to the probate lawyer;
- locating tax income returns from years previous and providing them to a probate lawyer or tax accountant;
- determining what the extent of the Testator’s assets are, including stocks, bonds, pension funds, bank accounts, superannuation payments, holiday pay, and government investments; and
- maintaining accurate, clear accounts and records of the estate while managing its assets.
Consulting a Pennsylvania Probate Attorney
Whether it’s figuring out the priority of debts to be paid, deciding to sell a decedent’s assets, or determining the next of kin, a Pennsylvania probate attorney can assist with your executor responsibilities. Contact a Pennsylvania probate attorney for more information on how the Law Offices of Unruh, Turner, Burke & Frees can help you. Call us today – 1-610-933-8069.
References:
http://www.nolo.com/legal-encyclopedia/what-does-executor-do-30236.html
http://www.squidoo.com/executor
Executor Fees executors Executors and Trustees executor responsibilities Pennsylvania probate attorney
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