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Thread: What are my responibilities as executor of estate?

  1. #1

    Thumbs up What are my responibilities as executor of estate?

    My Aunt has asked me to be her executor of her estate. She has no real estate. Lives in assisted living home. She has assets in CD's and some stock. Her husband and only child are both deceased. She has a will but thinks that is all she needs. I am hesitant to say yes until I have done my homework. She lives in Penna. I can't seem to convince her that it is not a simple thing. She counters with "How much can there be to it?"
    She thinks because she owns no home and has no debt I should have very little to take care of.
    Thanks for your input.

  2. #2
    Senior Member Foolish Old's Avatar
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    Actually, you are both right. If all her assets are CD's and stocks, the job is fairly straight forward. She can arrange to have those P.O.D. (pay on death) to her named beneficiaries. This will ease the burden of probating the will.

    Hire a competent attorney and C.P.A. to complete and file the forms for the PA Inheritance Tax and her final Federal Income Tax Return, and Federal Estate Tax if her assets surpass the exempted amount. Make sure they are knowledgeable in Estate work. Hire them on an hourly basis. Do not agree to pay a percentage of the Estate.

    http://evans-legal.com/dan/easched.html

    Quote Originally Posted by carolmillet1 View Post
    My Aunt has asked me to be her executor of her estate. She has no real estate. Lives in assisted living home. She has assets in CD's and some stock. Her husband and only child are both deceased. She has a will but thinks that is all she needs. I am hesitant to say yes until I have done my homework. She lives in Penna. I can't seem to convince her that it is not a simple thing. She counters with "How much can there be to it?"
    She thinks because she owns no home and has no debt I should have very little to take care of.
    Thanks for your input.
    Foolish

    "We have met the enemy and he is us."-POGO.

    "I have great faith in fools; self-confidence my friends call it."~Edgar Allan Poe

    "Dream big, you might never wake up!"- Snoop Dogg

  3. #3
    You will also need to deal with Social Security, any pension funds, etc. One tip is that when she does pass is to order at least 20 copies of the death certificate. You will need an original certified copy for most of the government agencies, bank, etc. etc. etc.

    Does she have pre-arrangements for disposal of her body and funeral arrangements? If not, get these done too.

    If you do not also have a DPOA for health care for her, and a general POA get that done now while she is competent.

    (KLD)

  4. #4
    I got by with 10 copies of the death certificate. The two biggest things I dealt with were insurance companies that had changed names several times.
    AND
    The only stock my father had was missing a certificate which the company said was issued. I had to put up a bond for the stock transfer. These requests had to be completed within 90 days.

    HOWEVER, my father had made his own will from a book. He used some words out of context and to top that forgot to sign it. The title of "Executor" no longer applied and I had to become "Administrator" which held the stock change up during this time.

    My opinion: it isn't that big of a deal, but nobody wanted to take the job away from me. Good luck!

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