The personal representative of an estate is a very important position, with several duties and responsibilities. It is important to maintain good faith and confidence throughout the process, as liability for failing to meet this standard may occur. The personal representative has a trusted position to settle the estate and distribute the assets as quickly as possibly, and in accordance with the laws of intestacy. Many personal representatives find the process overwhelming and seek the assistance of a lawyer.
Specific Powers and Duties
Include: receiving and holding assets, depositing funds, depositing assets in restricted accounts, satisfying charitable pledges made by the decedent, paying funereal expenses and other debts or expenses, investing or selling property, performing contracts, employing specialists to advise or assist, and making partial or final distributions during the administration of the estate.
While this list may seem relatively short, the reality is that each of those duties are difficult, can be tough to comprehend, and cause additional stress after the death of a loved one.
Duties Enforced by Statute
The personal representative is required to file all the required documents on time, comply with court orders, and notify interested parties when appropriate.
- Issuance of the Letters of Administration
- Prepare and File the inventory
- Appraising property, or hiring a professional for appraisal
- Prepare and File an Information Report
- Prepare and file an Account
- Take care of all Claims filed against the estate, including all corresponding settlements and payments
- Distribute the property according to the provisions in the will
- Keep in mind the important dates for reach type of estate, and each form due.