When someone passes away, their estate usually must go through probate. The person in charge of managing this process is known as the executor. This role comes with important responsibilities and legal duties.
Below are some of the key duties of an executor.
Carrying out the will
The executor’s main job is to honor the terms of the deceased person’s will. This includes locating the will, filing it with the Register of Wills and opening the estate. If there is no will, a court may appoint an administrator to handle the estate instead.
Handling estate assets
The executor must identify and protect all assets of the estate. This includes property, bank accounts and personal belongings. They may need to secure real estate, collect money owed to the estate and ensure valuable items are not lost or damaged. The executor must also notify beneficiaries and creditors.
Once debts, taxes and expenses are paid, the executor distributes what remains to the beneficiaries according to the will.
Fiduciary duties
Executors in Pennsylvania have fiduciary duties. This means they must act in the best interests of the estate and its beneficiaries. They must be honest, careful and fair. Misusing estate funds or failing to follow the law can result in serious legal consequences. Executors must also keep good records and may need to file reports with the court.
Serving as an executor is an important task that requires time, care and attention to detail. Seeking legal guidance can help you learn more about what is involved in the executor role.