Serving as Executor \u2013 What Is Involved.<\/strong> One source describes the \nexecutor\u2019s job to include the following.<\/p>\n1. The executor may arrange the funeral, request burial or cremation, organize the memorial, and order death certificates.<\/p>\n
2. The executor takes inventory which involves locating and organizing all estate assets and debts.<\/p>\n
3. The executor goes through the formal process of being appointed. This is what is described as probate.<\/p>\n
4. The executor or his\/her agent or attorney sends notifications to family and friends, banks, credit card companies, and others, gets final balances on accounts. He\/she determines who are the beneficiaries of the estate including (at least in Pennsylvania) the beneficiaries of non-probate assets such as IRA\u2019s and retirement accounts.<\/p>\n
5. The executor manages the estate. This can include dealing with realtors, title companies and attorneys to sell real estate (the estate attorney might also handle real estate) owned by the decedent and attending settlement. This can involve cleanout or hiring someone or a service to clean out, terminating utility service and subscriptions such as cable TV, and arranging for an orderly process to distribute personal belongings of the decedent.<\/p>\n
6. The executor pays debts of the decendent after first determining whether they are valid and, if there are not enough assets in the estate to satisfy all the debts, he\/she learns (or asks his\/her attorney) which ones are to be paid in what order. Pennsylvania, for instance, has an order of priority to establish which creditors or types of creditors are paid in which order if there is not enough to satisfy all debts.<\/p>\n
7. If the decedent was over age 65 in Pennsylvania it may be necessary to send a notification to the State to determine whether anything is owed under \u201cestate recovery\u201d for Medicaid payments made on behalf of the deceased.<\/p>\n
8. Tax returns need to be filed. Here if the decedent used a regular accountant he\/she could follow up with final federal and state tax returns. An elder law or estate attorney can handle inheritance and other taxes.<\/p>\n
9. There should be an inventory. In Pa. an Inventory, although incomplete, is required to be filed with the Inheritance Tax Return as well.<\/p>\n
10. Final distributions are made in accordance with the Will and with beneficiary designations generally. A final Family Settlement Agreement is often included with an informal accounting for the beneficiaries and a final status report filed. The executor\/executrix can then rest knowing he\/she has completed a job well done.<\/p>\n","protected":false},"excerpt":{"rendered":"
It is a good idea to settle the matter of your will at some point. It helps the family during a very difficult time, and is a good way to plan for the future carefully and with the benefit of time. With the help of a Will Planning Lawyer, these matters can be fully established […]<\/p>\n","protected":false},"author":9,"featured_media":6593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[345,45],"tags":[],"yoast_head":"\n
How Much Should An Executor Be Paid for Administering An Estate -<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n