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The Role of a Personal Representative: Duties and Responsibilities

The Role of a Personal Representative Duties and Responsibilities

At Heritage Law Office, our experienced estate planning attorneys will thoroughly review your needs and wants when planning your estate and provide an outline of your best options, including the creation of an irrevocable trust. Contact us either online or at 414-253-8500 to schedule a free consultation today.

Understanding the Role of a Personal Representative

A personal representative is an individual appointed by the court to manage the estate of a deceased person. This person has a fiduciary duty to act in the best interests of the estate and its beneficiaries.

Duties of a Personal Representative

  1. Collecting assets: The personal representative is responsible for locating and collecting the deceased's assets, such as real estate, bank accounts, and personal belongings.
  2. Paying debts and taxes: The personal representative must pay any outstanding debts and taxes owed by the deceased from the estate's assets.
  3. Distributing the remaining assets: After all debts and taxes are paid, the personal representative distributes the remaining assets to the beneficiaries according to the deceased's will or the laws of intestacy if there is no will.
  4. Closing the estate: Once all assets have been distributed, the personal representative must file a final accounting with the court and request permission to close the estate.

Selecting a Personal Representative

Choosing a personal representative is an important decision, as this person will be responsible for carrying out your wishes and managing your estate after your death. Consider the following factors when selecting a personal representative:

  • Trustworthiness
  • Financial responsibility
  • Organizational skills
  • Ability to communicate effectively with beneficiaries and other parties

Responsibilities of a Personal Representative

As a personal representative in , you will be required to fulfill certain legal responsibilities. These responsibilities may include:

  • Filing the will: The personal representative must file the will with the appropriate court and initiate the probate process.
  • Notifying interested parties: The personal representative must notify all beneficiaries named in the will, as well as any known creditors, of the estate proceedings.
  • Managing estate assets: The personal representative must protect and manage the estate's assets during the probate process, including maintaining insurance on real estate and ensuring proper care of personal property.
  • Preparing and filing tax returns: The personal representative must file any required federal and state tax returns for the deceased and the estate.

Challenges Faced by Personal Representatives

Personal representatives can face numerous challenges when managing an estate, including:

  • Disputes among beneficiaries: Disagreements among beneficiaries can lead to delays in the probate process and may require the personal representative to mediate or seek legal advice.
  • Complicated tax matters: Estates with complex tax issues may require the personal representative to seek professional assistance to ensure accurate tax filings.
  • Unknown or hard-to-locate assets: The personal representative may encounter difficulty locating all of the deceased's assets, particularly if the deceased did not maintain accurate records or if assets are held in multiple jurisdictions.

Contact an Experienced Personal Representative Attorney at Heritage Law Office

If you need assistance with the duties and responsibilities of a personal representative, or if you have questions about the probate process, contact Heritage Law Office. Our knowledgeable attorneys are experienced in handling estate administration matters and can provide the guidance you need. To schedule a consultation, either use the online form or call us directly at 414-253-8500. We offer remote, phone, and online appointments, so you can receive services wherever you are.

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Frequently Asked Questions (FAQs)

1. What is the role of a Personal Representative in estate planning?

A personal representative, also known as an executor or an administrator, is a person appointed by the court to manage the estate of a deceased person. The representative's responsibilities include collecting the deceased's assets, paying any outstanding debts and taxes, distributing the remaining assets to the beneficiaries according to the deceased's will, and finally closing the estate.

2. How does a Personal Representative differ from a Trustee?

A personal representative and a trustee both manage assets, but their roles are quite different. A personal representative manages the estate of a deceased person, which includes all assets owned by that individual at the time of their death. A trustee, on the other hand, manages a trust, which is a legal entity created to hold assets for the benefit of certain other persons or entities. Their duties are defined by the trust document and the laws governing trusts.

3. How does one become a Personal Representative?

A personal representative is usually appointed in a person's will, but if no will exists, or the will does not name a personal representative, the court will appoint one. Usually, the court will give preference to close family members of the deceased, starting with the surviving spouse or adult children. If no close family members are available or willing to serve, the court may choose a professional executor or a bank.

4. What if a Personal Representative is not able to perform their duties?

If a personal representative is unable or unwilling to perform their duties, they can resign, and a successor representative can take over. If the will names a successor, that person will step in. If not, the court will appoint a new representative. The new representative then continues the work of managing the estate.

5. What type of legal support does a Personal Representative need?

While a personal representative can manage an estate independently, having a knowledgeable attorney's support can significantly smooth the process. An estate attorney can provide guidance on complex legal matters, help avoid potential pitfalls, ensure all legal responsibilities are met, and provide defense if the representative's actions are challenged. Particularly in estates with significant assets or potential disputes among beneficiaries, an attorney's support can be invaluable. To schedule a consultation, either use the online form or call us directly at 414-253-8500. We offer remote, phone, and online appointments, so you can receive services wherever you are.

Contact Us Today

For a comprehensive plan that will meet your needs or the needs of a loved one, contact us today. Located in Downtown Milwaukee, we serve Milwaukee County, surrounding communities, and to clients across Wisconsin, Minnesota, Illinois, and California.