From our “Ask a Question” Mailbag: Implications of Signing a Philadelphia Executor Release
Most Recently Updated July 18, 2018.
“The lawyer serving as the executor for my aunt’s Philadelphia estate has sent me documents called an Informal Account and a Receipt, Release, Refunding and Indemnification Agreement. If I sign this, do I waive my rights to ask any questions?”
Implications of Signing a Philadelphia Executor Release
As a beneficiary of your aunt’s estate, you have the right to have a probate attorney force the executor to file a Formal Account with the Philadelphia County Orphans’ Court. But, assembling a Formal Accounting will be a cost to the estate and may reduce your inheritance. Typically, when there are no disputes, the executor will instead assemble an Informal Accounting of the estate’s assets and expenses. This Informal Accounting is then submitted to the Beneficiaries for review.
If there are no objections, the Beneficiaries sign the Receipt and Refunding Agreement that accompanies the Informal Accounting. By doing so, the Beneficiaries agree that they do not want a Formal Accounting and waive all objections to the executor’s actions. So, if you are satisfied with the Informal Accounting you can sign the Agreement, but if you still have questions, you should not sign.
More Probate Questions?
The executor release is only part of the overall probate process. By all means, if you wish to learn more, please read my more detailed article, The Probate Process All You Need to Know.
In Conclusion: Implications of Signing a Philadelphia Executor Release
I hope that this article was helpful in explaining the implications of signing a release for the executor. Further, I included links to even more detailed information on my website. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Probate Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced Probate Attorneys. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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