What Does The Executor Of An Estate Do?
Probate and estate administration are complicated. The tasks involved are difficult, which is why courts appoint one person to oversee the process as the executor of estate. In addition to verifying the will, executors have several other responsibilities. However, that person does not always have the time or legal knowledge to fulfill their duties alone.
Many executors choose to work alongside an attorney to ensure that they take the right steps. With extensive knowledge of estate administration and probate, Law Offices of Kelton M. Burgess, LLC can help you if you are an executor for a Pennsylvania estate. Let us answer your questions today.
Identifying And Maintaining Assets
The executor is not only responsible for finding all assets that belong to the decedent, which can be a major challenge on its own. They must also reasonably maintain the value of those assets to prevent loss to the estate. For example, an executor may need to care for the decedent’s real estate properties until the estate is settled.
Our lead estate administration lawyer assists executors with locating hidden assets, verifying ownership of property, gathering the estate’s assets, appraising items and preserving them. Our research skills and attention to detail can allow executors to feel confident that all assets are accounted for and properly managed.
Facilitating Probate, Settling Debts And Distributing Inheritance
Next, the executor must distribute the estate’s assets through several tasks such as:
- Sending notice to creditors, including a public notice
- Contesting any invalid debts
- Paying the estate’s remaining debts with assets, which may require liquidation
- Filing estate taxes
- Transferring inheritance to heirs and beneficiaries
- Keeping accurate records regarding the transfer, sale, payment and distribution of assets
Due to the intricate nature of your role as executor, we pay close attention to each aspect of the estate and related legal matters. Our Pittsburgh attorney can also work with out-of-state executors for in-state assets.
Legal Counsel May Be Worthwhile For The Estate
Luckily, executors can use a portion of the estate’s assets to hire a skilled attorney. By investing in professional legal services, the estate itself could benefit by avoiding value losses, litigation and other issues. The executor can also gain the benefits of minimizing stress throughout the process. Call Law Offices of Kelton M. Burgess, LLC at 412-212-0273 or email us for a free consultation.