Estate Planning Lawyer
When you are planning your estate, you want to make sure that when you are not around, someone you trust will be able to take care of your estate. However, you do not want to pick just anyone for this role, which is why choosing your executor is such an important decision. So, what is the role of an executor when you are writing you will? How do they fit into your estate planning? Do you need to tell the person you have named the executor? Estate planning attorneys do not want you to feel overburdened or stressed when choosing this person and want to make sure you understand their role clearly. For more information, attorneys have answered frequently asked questions about an executor’s role in the article below.
What is the primary role of an executor?
When you are determining who you want to name as the executor of your estate, it must be someone you trust and someone you view as responsible. You will want to clearly outline a list of your assets since they will primarily be gathering your assets and ensuring they distribute them to the correct people that you have mentioned in your will. In fact, to make this process smoother after your passing, you may want to speak with the executor and let them know what your assets are, where they are located, and who you want them to go to.
Is the executor responsible for my debts?
The executor is responsible for using your money to pay off any debts that you may have had at the time of your passing. However, unless you are naming your spouse the executor, they will not be personally responsible for any debt you had.
What will the executor need to do regarding taxes?
Your executor will need to file certain taxes on your behalf once you pass away. It is possible they will need to file income tax returns on your behalf and on behalf of your estate. If you have a particularly large estate, they may even need to file a federal tax return.
What happens to my property before distribution?
This is also the executor’s responsibility. They will need to maintain your property until they can legally hand it over to the named beneficiaries. While their job is not to run your business or make money, it should be someone you trust not to lose money or damage your property.
Does the executor distribute my property?
Yes, your executor will distribute your property to the people you have named as beneficiaries in your will. During this process, it is very common for your executor to need to go to probate court. Once completed, they can make sure your property goes to the right beneficiaries.
It is important to make your will as detailed as possible, and an estate planning lawyer in King of Prussia, PA can help you with this. Additionally, they are more than happy to speak with your executor as well if they are looking for any legal advice regarding their role as an executor.
Thanks to Klenk Law for their insight into estate planning and determining executor duties.