In the event of your death, many important tasks need to be accomplished by the person you have named to serve as executor of your Will. Some things should be done right away, while other steps in the estate administration process are less time sensitive. Overall, your executor needs to collect the assets, pay debts, and make distributions in accordance with the provisions of your Will. The executor’s role can be made much easier if you provided them with some basic information and location of certain items during your lifetime:
First, let them know you’ve named them as your executor.
To start, you should let the person who you wish to serve know they have been designated to serve as executor in your Will. Make sure the person you wish to name is willing to accept the role. An executor should take prompt action in the event of your death.
Your Funeral Wishes.
Your executor will likely be the one responsible for organizing your funeral and burial arrangements, potentially under time
pressure. We recommend that you tell your executor about your funeral and burial wishes. Would you prefer there to be a memorial service, and if so, where? What funeral home should they call? Are your funeral and cemetery charges pre-paid? Many of our clients preplan and prepay arrangements with a funeral director.
The Location of Your Original Will.
Be sure to let your executor know where to find your original Will. Your executor is going to need reasonably quick access to your original Will, not a photocopy. Although it may be possible to proceed with a photocopy of your Will, probating a copy is not easy. The estate will incur additional legal fees if your original Will cannot be found, and the effort to probate a photocopy may not be successful, potentially thwarting your wishes.
Safe Deposit Box Access.
If you have a safe deposit box at a bank, make sure your executor has the key and knows the branch location of the box so it can be accessed after your death and inventoried. A safe deposit box can be searched to find a Will and cemetery deed before probate under Pennsylvania law, but nothing else can be removed from the box after your death until it has been inventoried by the executor after probate. The safe deposit box can be a good place to keep your original Will to prevent it from being lost, so long as your executor knows what bank to visit in the event of your death and has the key. If the key to the safe deposit box cannot be located, the bank will call a locksmith to drill and open the box, which can cost about $200, so it’s a good idea to tell your executor where to find the key to your safe deposit box.
Your Basic Financial Inventory – or Where to Find It.
Some people prefer to keep financial matters completely private during their lifetimes, while others will discuss finances with their executor. We recommend that you create a financial inventory, that you consider reviewing it with your executor during your lifetime. Some conversation is appropriate, but whether you provide the detailed inventory to your executor during your lifetime is up to you. At a minimum, keep your financial documents in one central location, and let your executor know where to find this information at the time of your passing.
Debts and Liabilities.
If you have any unusual or major debts aside from regular household expenses, it helps to share this information with your executor, or add this to your financial inventory. Your executor should know about major unpaid income tax liabilities, outstanding student loans, as well as pending or potential lawsuits.
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Disclaimer: We recommend that you receive ongoing legal advice from an estate attorney before attempting to administer a trust or an estate. If you wish to secure our services to provide guidance and representation in connection with a trust or an estate administration, please contact us.
