Many residents of Pennsylvania find it comforting to create a will. It assures them that their loved ones will receive what they wish them to inherit upon their death. If you have been named executor of someone's will, you will want to know your role.
What is the role of an executor?
A big part of estate administration involves an executor being named to handle a person's will. If you are named in this role, your job is to settle the estate of the deceased person. The executor is responsible for paying off all debts and taxes the individual owed and ensure that the person's property and assets go to the people named in the will to receive those things.
An executor of a will is also known as a personal representative. They are required to act in the legal interests of the person's estate and ensure that their personal affairs are in good standing. Being an executor is a big responsibility and can be overwhelming to some people, which makes it important to speak with a professional on more complicated matters.
The will is the key part of estate administration. It's important to thoroughly read it to ensure that you know what to expect and what responsibilities you have to handle.
After the person dies, as executor, you are required to file a petition with the probate court. The court in the county where the deceased person lived will look over the will and make sure it's legally valid. If it's determined that it is valid, the will is cleared.
Compensation for the executor
Although some executors do their job without compensation, some get paid. Usually, an executor who is part of the decedent's family doesn't receive pay. However, one who isn't a family member commonly gets paid a small percentage of the estate's total value. This might range from 2 to 4 percent of the value of the estate. Some executors may specify a dollar amount that they wish to be paid for their duties.
Whatever the case, the executor is paid after the estate is settled. If you were named the executor of a will, it's a big responsibility. It's important to decide whether or not you want to take on the role.