INDUSTRY INSIGHT
LEGAL INSIGHT
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C O V E L L I L AW O F F I C E S , P. C .
B
Th e Blessing and the Curse
of the Executor
eing named as the Executor of someone’s
estate is one of the greatest privileges that
can be bestowed upon a person. But the duty
of ensuring that the fi nal wishes of a person
are fulfi lled, along with addressing assets and debts,
constitutes a huge undertaking—for which many
people aren’t prepared.
“Some people say it’s a great honor and coveted
position to be named as an Executor. There is a level of
trust and respect that comes with being named,” said
Joe Covelli of Covelli Law Offi ces. “But it’s also a great
responsibility that requires diligence, attention to detail,
and organization skills, with little or no ‘thank-yous’.”
What’s more, if you’re named as the Executor for
someone who was a loved one, like a spouse or
parent, the process entails legal timetables that give
the Executor little time to grieve for their loss before
assuming responsibility.
“One of the most important considerations is the
ability and willingness to promptly begin the process
following the passing of a loved one,” Covelli said. “Some
people leave a fi nancial trail that is undocumented and
hard to trace, and it therefore becomes more diffi cult
to track as time passes. Also, the Executor must protect
family heirlooms from theft or damage. Following the
passing of the decedent, the possession of such assets
must be immediately secured. The job then becomes
one of due diligence—to locate, document, value, and
protect the assets, and then to value, liquidate, and
distribute the same—in accordance with the terms of
the Last Will.”
Applicable state statutes require advertising notices
of death to be placed in two local publications, as
well as notice provided to government authorities. All
Media
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orney
“Best Att
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bank accounts and investments must be marshalled,
listed, and reported to the Pennsylvania Department
of Revenue within 90 days of death – in order to take
advantage of state discounts on inheritance taxes.
To make matters even more trying, Executors can
be exposed to liability with reference to named and
unnamed benefi ciaries, who have up to one year to fi le
claims against an estate.
“We advise our clients to avoid undertaking the Estate
Administration process alone. We can help document
and properly distribute assets, with signed receipts and
acknowledgements, so executors won’t be called on the
carpet and later exposed to liability,” Covelli said. “We
can also help with any court proceeding, assist you to
address the duties of being an Executor, and aid in the
appointment of a replacement should an Executor be
unable or unwilling to carry out required duties.”
Covelli Law Offi ces was once again a Tribune-Review
Reader’s Choice “Gold Award” Winner as Best Attorneys
for 2019 – as voted on by readers. We are here to help
you understand all of the legal issues relating to your
estate planning and administration. At Covelli Law
Offi ces, everyone receives a free 30-minute consultation,
so it never costs a dime to ask. At your consultation,
Covelli Law Offi ces will advise you as to what role it can
play in your situation to help the most, and give you an
up-front cost for services.
For more information on Covelli Law Offi ces, go to
Covellilaw.com online, or call 412.653.5000. Covelli
Law is located at 357 Regis Avenue (across from the
Pleasant Hills-West Miffl in Post Offi ce).
Joe Covelli has over 38 years of legal
experience and is a “5 Star Professional
Award” recipient. He is a member of the
National Academy of Elder Law Attorneys,
and he heads a team of attorneys with
expertise in several areas of the law. For
more information, call 412.653.5000, or visit
www.covellilaw.com.
FREE Consultation | Call Today! 412.653.5000
WEST JEFFERSON HILLS
❘
SUMMER 2019
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