Over the holidays my parents informed me that I was to be executor of their wills because they think my brothers will fight if one of them is named executor (I'm the only daughter). So what exactly will I have to do? They have always farmed so they own almost 1,000 acres, plus farm equipment and livestock. Am I going to have to deal with all of that?
2006-12-28 09:56:22 · 5 answers · asked by tooyoungforkidsthisold 4 in Politics & Government ➔ Law & Ethics
Hopefully you won't be doing it for a long time. It means you make all the decisions. It is a big responsibility. If I were you I would go over the will very carefully right now and ask your parents questions if you don't understand anything. I would also highly encourage them to look at ways to control any death tax liabilities such as living trusts for the land or any other high amount items. Do things to protect the estate from taxes now.
Have them put your name on the bank accounts in regards to rights of survivorship.
2006-12-28 10:20:02 · answer #1 · answered by George B 2 · 0⤊ 0⤋
The job of the executor is to follow the instructions in the wills. You may have to sell all of your parents' assets, then do what they want with the money. In my state, Pennsylvania, the executor is entitled to take 5% of the liquidated assets as compensation for executing the wishes of the deceased.
It can be a headache.
2006-12-28 10:01:51 · answer #2 · answered by regerugged 7 · 1⤊ 0⤋
You will have a major headache. You will have to make sure the property and assets are distributed in accordance with the wishes of their will. If your brothers fight you, you will have to go to probate court, but what are the reasons you and not your brothers have been chosen for the position? More than likely one parent will survive the other partent. That is a good key for peacemaking in dealing with the headache of estates. I was co-executor of my grandfather's estate and talk about drama-no one was happy-especially my aunt and mother. You will also need to have a good probate lawyer help you out. Good luck with that.
2006-12-28 10:01:17 · answer #3 · answered by Damn Good Dawg 3 · 0⤊ 0⤋
You are essentially the one that carries out the will and interperts the will. You work with your parent's lawyers to make sure everything is accounted for, properly taxed, and distributed according to thier wishes. You basically are given temporary control of the estate to carry out the wishes of your parents after thier death.
2006-12-28 10:02:21 · answer #4 · answered by msi_cord 7 · 1⤊ 0⤋
I think it means that you will have to work with your parents' lawyers (if they have them) to make sure that the stipulations in their will are followed through correctly and according to their wishes. It also means that you would probably have to mediate between any disputes that arise between the beneficiaries/your siblings.
2006-12-28 09:58:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋