What are the Responsibilities of the Executor or Personal Representative in Probate?
The executor plays an important role during probate in Pennsylvania. Also known as the “personal representative,” this individual oversees various processes after someone passes away. If you have taken on these responsibilities, the road ahead may seem quite overwhelming. However, you are not alone, and you can get help from a probate lawyer in Hershey.
Locating and Notifying Beneficiaries
One of the most important steps for an executor is to locate and notify all of the beneficiaries named in the Will. This step might be more challenging than executors realize, as beneficiaries are sometimes difficult to find. For example, the decedent might have named a beneficiary in a different state. Perhaps they named a beneficiary who travels frequently.
In the worst-case scenario, the last known address of a beneficiary may be incorrect. As a result, it may fall to the executor to track this individual down using various investigatory techniques. Lawyers and other professionals may be able to assist with this process. Once an executor locates a beneficiary, they must send them a copy of the Will.
Locating and Assessing Property
Another important step is to locate the property named in a Will. Some assets are easy to find, such as a family home or a bank account. Other property might be more challenging to track down, including forgotten collectibles, precious metals, jewelry, and so on.
In addition to locating property, executors might need to consider how to approach these assets. For example, some collectibles or fine art may need professional appraisals to determine their true value. An executor may also need to consider the “liquidity” of a certain asset when paying off unresolved debts.
Paying Debts
Speaking of debt, another major responsibility of an executor involves liabilities left behind by the decedent. Many individuals pass away with unresolved debt, and the executor must pay off these debts before they distribute the remaining assets to beneficiaries. In some cases, the debts are so great that the beneficiaries do not receive anything.
When approaching debt payments, executors must follow a process called “asset abatement.” This process specifies which assets should be transferred to creditors first.
Each Estate is Different
Executors in Pennsylvania may face different responsibilities depending on the specifics of the decedent’s estate. Some estates are much more complex than others, containing family businesses, extensive investment portfolios, and more. Others are relatively straightforward. To get a sense of your specific responsibilities and duties, it makes sense to discuss the estate in more detail with a lawyer.
Can a Probate Lawyer in Hershey Help?
A probate lawyer in Hershey can help executors understand their duties and responsibilities. Many executors approach probate with a limited understanding of the process ahead, and that is okay. While online research is a positive first step, a consultation with a lawyer could prove more productive. Contact Audi Law, PLLC today to continue this discussion.