I was just named Executor of an Estate. What does that mean?

Your friend or relative has placed a great deal of trust in you to wrap up their affairs. The Executor is responsible to collect the assets of the deceased person, pay all outstanding bills and debts, file income tax returns, file the Pennsylvania Inheritance Tax Return, file the Federal Estate Tax Return if required, provide the beneficiaries with a statement of all financial activity in the Estate and then distribute the remaining assets to the beneficiaries named in the Will. Because the Executor is personally liable for any financial losses during the administration of the Estate, it is highly recommended that the Executor seek representation from an experienced attorney.