People in Pennsylvania who are planning for the future should name an executor of their estate. This person is responsible for a variety of tasks upon death. It is important to understand exactly what an executor does so the right one for the job is chosen.
There is a lot of responsibility that comes with the designation of executor. He or she must make sure to follow the wishes of the deceased. Some of the jobs of an executor are:
- Pay off creditors and debts
- Find and protect assets
- Distribute property, assets and money to proper parties
- File the will in probate court
- Set up an estate bank account
- Follow through with ongoing matters related to the deceased
- Pay final income taxes
Depending on the estate, the process of executing can be complex and take a long time. Therefore, not just any person can do the job.
What type of people are good candidates for the role of executor? In general, the person should have an eye for detail and be extremely responsible. The choice should also be someone who has the time and resources to follow through with everything completely.
It may help if the executor has experience in finance or the law, although this is not a requirement. However, the person should feel comfortable working with these professionals when necessary. Some people choose co-executors. One may be a finance professional and the other may be a friend or family member. It is important to choose someone trustworthy, and the person should also want the job.