You are named as the Executor in the Will of a deceased loved one.
What should you do?
In the simplest terms, a will is a list of instructions. Being named as the executor in someone’s will means that the decedent wanted you to be the person to carry out their instructions in the will. You begin the process by presenting the original will and an original death certificate to the court. (In Pennsylvania, you present these to the Register of Wills in the county the decedent resided. In New this office is the county Surrogate.) If the court determines the will is valid[1], it issues you Letters Testamentary. This is your legal authority to act as executor. Some counties require an in-person appearance, some permit a video appearance, and other counties allow this process to be done by mail.
The executor’s job, once formally appointed by the court, is first to identify the decedent’s assets, (including bank accounts, real estate, motor vehicles, stocks, insurance policies, retirement accounts, life insurance and personal property). In addition to identifying assets, you must also determine what debts your loved one owed at death, open an estate checking account and begin to pay these debts from the estate’s assets. Most estate administration expenses, including filing fees, accountant and legal fees, costs to ship or store belongings, and funeral expenses, are paid from estate assets.
The executor must file the final income tax return for the decedent, file an inheritance tax return and perform several other tasks required by law. These may include publishing notice of estate administration in designated newspapers, mailing beneficiaries written notice of probate, and keeping an accounting of the assets and liabilities of the estate. Before distributions to beneficiaries can be paid, a child support judgment search of each beneficiary must be conducted and filed with the court.
The job of the executor will be scrutinized by the court, to be sure that the executor fulfilled his/her fiduciary duties. The probate process can take from one to several years, depending on the complexity of the estate, whether anyone presents a disputed claim to the estate, and how quickly the executor is able to accomplish their duties.
The probate process can be complex and time-consuming. Certain documents must be prepared and filed within set timeframes. Neither Pennsylvania or New Jersey requires you to hire a lawyer to probate an estate, but you may be more comfortable having all your legal bases covered.
[1] A will must be properly prepared and witnessed according to state law.