INDUSTRY INSIGHT
ESTATE PLANNING
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So You’ve Been Named The Executor,
WHAT NOW?
I
t’s an honor and a privilege to be named as an Executor of a loved one’s
estate, but it can also be a big responsibility and a whole lot of work.
Being an Executor, a Personal Representative or the Administrator
of an estate requires organization, attention to detail and the ability
to communicate effectively with a group of heirs or beneficiaries
who may not necessarily get along with one another. If you’re in this
situation and are feeling overwhelmed by it all, here are three basic
tips to that should help ease your mind and get you headed in the
right direction.
FIND AN EXPERIENCED AND REPUTABLE ESTATE ATTORNEY.
Remember, once you accept the responsibility of serving as the
Executor, you are also accepting the legal responsibilities that come
with the position. With those responsibilities comes the potential
liability as well should something go wrong. Protect yourself, protect
your family and protect the heirs and beneficiaries by making sure
that you get qualified legal assistance from the start. Don’t wait until
mistakes have been made and arguments have erupted. A good
attorney can guide you through the probate estate administration
process and provide you with peace of mind along the way.
GET ORGANIZED AND STAY ORGANIZED.
The probate process is all about procedure and paperwork. Make
a comprehensive list of all of the decedent’s assets. Gather the
latest statements from bank, investment, IRA, insurance and other
accounts. Locate the deed(s) to the home and any other real estate
the individual may have owned. Likewise, you’re going to want to put
together a list of all of the person’s outstanding debts and liabilities.
Gather statements reflecting credit card balances, loans, mortgages,
utilities and other potential outstanding liabilities. The more
information you can locate and put together in the beginning, the
smoother the administrative process is likely to go. An experienced
estate attorney should be able to provide you with a comprehensive
Executor’s worksheet that will help steer you in the right direction
and help you put together all of the necessary information and
paperwork.
MAINTAINING GOOD COMMUNICATION IS ESSENTIAL.
As an Executor, you will be acting as the go-between to a number
of different parties: the probate court, creditors of the decedent,
the IRS and other taxing bodies, and (perhaps most importantly)
the heirs and other beneficiaries of the estate. Create and maintain
a comprehensive list of everyone’s contact information including
names, addresses, telephone numbers and emails addresses.
Disgruntled heirs can create a lot of problems and, typically, their
number one complaint is a lack of communication. You’ll be amazed
at how much easier you administration will go if the heirs feel like
they’re being kept up-to-date and properly advised as the probate
process moves along. It’s also essential that you keep track of all of
your communications in case any disputes do arise.
So, if you’ve recently been designated as an Executor and are
feeling overwhelmed, don’t try to go it alone. Protect yourself and
your family. At American Wills & Estates we’ve been guiding clients
in Pittsburgh and throughout Western Pennsylvania through the
Probate Estate Administration process with competency, compassion
and care for over 25 years. We provide most of our Estate Planning
and Estate Administration services on a flat, set fee basis and we don’t
expect to be paid until our legal services have been completed. Give
us a call today to schedule your free legal consultation or visit our law
firm online at www.americanwillsandestates.com You’ll be glad
you did.
Lloyd A. Welling, Esq.
Attorney Welling received his law degree from Duquesne
University School of Law in 1992. He started the law firm of
American Wills & Estates in 1997 and has practiced exclusively
in the areas of Probate Estate Administration, Estate Planning
and Real Estate law since that time.
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