Your Worst Nightmare…… A Bad Executor
Wednesday, January 18th, 2012Picking an executor is a critical part of any sophisticated or even simple and effective estate plan. Having the wrong executor or someone that does not fully understand your wishes can wreak havoc on your estate’s administration and more importantly on the execution of your wishes. In fact, other than the decision to create and execute an estate plan; executor selection may be one of the most important estate planning decisions you will make. Consider the Pennsylvania case below.
In a recent 2011 Pennsylvania case a co-executor removed decedent’s safe and financial records two days before the death and failed to return or disclose this to the beneficiaries or list the items on the inheritance tax return. The Orphans Court removed and surcharged the co- executor for attorney fees and costs of the estate. Jonik Est. (O.C. Div. Phila.), 1 Fiduc. Rep. 3d 296.
Would your executor do this to you?
Do you have the right executor?
How do you pick the right person or institution to do this job?
Click here to read more about how to select the right executor for your estate plan.
Being an executor is a tough job. The executor must find your legal and financial documents, gather your assets, pay off all your debts, keep the beneficiaries informed, make financial decisions, and implement your wishes as if you were there.
Many times we see executors who are overwhelmed by the amount of work required by law to be an executor in Pennsylvania. For that reason, it is important to pick someone who can handle it and even more importantly can get the job done the way you would want your estate administered.
Furthermore we often see even dedicated executors make the same simple but dangerous mistakes. To educate yourself and or your executors click below to get a free copy of our resource for executors.
The Ten Most Common Mistakes Executors Make… and how to avoid them
