The personal representative of an estate has to wear many hats. They have to communicate professionally with various different parties. They have to manage estate resources and settle financial accounts.
It is their responsibility to fulfill the obligations of the decedent and to carry out their last wishes whenever possible. The exact responsibilities involved in estate administration can vary significantly from one estate to the next. However, the three responsibilities outlined below are among the most universal and crucial responsibilities of personal representatives.
Locate a will if possible
Searching for a will or other estate planning documents can be a complicated process. Personal representatives may need to go through an individual’s home. They may need to locate and check safety deposit boxes. They need may need to go through financial records to find the name of the attorney who assisted the decedent with drafting the documents, as they may have a stored copy available.
People may even need to check online for signs that the testator previously filed the will online or with the local courts. Depending on whether or not the personal representative locates a will, probate proceedings may follow the instructions provided by the decedent or may have to follow guidelines set in state law.
Secure and value assets
Regardless of what type of property the decedent owned, their personal representative has to locate those assets after their passing. They also have to secure them. That process might involve packing up the contents of a nursing home or apartment. They could also involve moving high-value property out of a home to avoid theft.
In cases where the estate plan requires the sale of certain assets, it may be necessary to work with professionals to obtain an accurate valuation of those resources. For example, if the sale of someone’s residence is part of the probate process, they may need to consult with a real estate agent or an appraiser to determine the current fair market value of the home.
Distribute assets appropriately
Personal representatives may have to publish notice for creditors and communicate directly with certain parties. They may have to file tax returns on behalf of the decedent. The distribution of resources and the fulfillment of financial obligations are perhaps the most important aspects of estate administration.
A personal representative has a degree of liability if they fail to fulfill financial obligations and improperly distribute resources. They must comply with both state law and the written instructions provided by the testator to the best of their ability.
Frequently, those handling estate administration need assistance throughout that process. Hiring an attorney is one way for those trying to manage estate administration to avoid mistakes that could cost the estate money and/or cost them their position.
