Legal Question in Wills and Trusts in Pennsylvania

Re: Executrix rights

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Re: Executrix rights

Category:Probate, Trusts, Wills & Estates

Posted: 9/22/2003

In-Reply-To: Executrix rights

Subject: Re: Executrix rights

The executor's responsibility includes paying debts and accounting for assets of the estate to the heirs/beneficiaries.

PA probate requires that shortly after probating a will, the executor must notify heirs/beneficiaries that the will is available at the off the Register of Wills.

Within 3 months after the date of death, notices should also have been sent to banks, brokerage houses, etc., and, to take advantage of a discount, make and advance payment on account of state inheritance taxes.

Within 6 months, an inventory of the estate should be filed with the Register of Wills.

Within 9 month, the inheritance tax must be paid, or penalties and interest will begin to accrue. All inheritance and federal estate tax returns should be filed.

Assets of the estate may begin to be distributed at any time, but the executor may incur personal liability if assets are distributed and there are not sufficient assets left to pay all debts and taxes. Usually, distribution completed after the death taxes have been settled.

A formal accounting may be filed with and approved by the court, or families may have "Family settlement agreements" and not go through formal accounting with the court. Such an agreement would provide the heirs/beneficiaries with an accounting of what assets and liabilities were in the estate and the proposed distribution of the net estate after payment of all obligations, including the decedent's income taxes for the last year of life. In such agreements, usually the heirs/ beneficiaries sign a "receipt and release", in which they accept the accounting and agree to give back funds that may be necessary to pay estate obligations.

The executor must also provide the Register of Wills with a final filing, indicating that the estate administration has been completed and the assets have been distributed.

If these things have not happened, heirs may seek an accounting by filing with the Register of Wills or Orphans Court.

It is only after paying debts and performing the other duties of the executrix that assets of the estate may be distributed without incurring personal liability.

The will probably says whether one executrix can act alone or if both must act together. This does not mean that one can distribute assets or sign a deed to herself without telling the other. If the will leaves the property to one person, that is the person to whom the deed should convey it. The only way to change such a devise, is by agreement among the heirs, or by the person who wants the property to buy it from the estate for a fair market value (not necessarily the assessed or market value shown on the real estate tax bills).