John B. Whalen Wills and Probate Law Blog on Lawyers.com

Pa Executors and Duties?

Wednesday, October 28, 2009 by John B. Whalen

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Be aware that an Executor has many responsibilities.

For more from my Websites: http://johnbwhalenjr.com ~ http://whalenwillslaw.com

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Be aware that an Executor has many responsibilities.

  • Probating the Will
  • Providing various mandated court filings
  • Obtaining an Estate E.I.N. number
  • Preserving the Estate's assets
  • Satisfying the Estate's creditors
  • Notifying Beneficiaries and Heirs
  • Filing the Decedent's final Income Tax returns
  • Filing the Estate's Inheritance and/or Estate Tax Returns
  • Filing the Estate's Fiduciary Income Tax returns
  • Providing an accounting of all of the estate items
  • Distributing the assets to the beneficiaries (Will) or heirs (no Will)

Choose your Executor with extreme care.

  • Be aware of your Executor's traits
  • Be aware of the Estate's Fiduciary Income Tax returns
  • Be aware of the Decedent's final Income Tax returns

As an Executor, please be aware that

  • You can be held personally liable for unpaid taxes
  • You should be careful of the advice you receive and what you hear
  • You should ensure that the Income Tax returns were filed in your Estate
  • With all of the recent talk of the Estate Tax, the Income Tax side is as vital
 
Posted at 06:50 AM
Topic: Wills and Probate
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