In the event of one’s passing, their estate plans will be in the hands of someone else. This person is known as a personal representative. There are a lot of important responsibilities when it comes to being a personal representative. Read on to learn more about the role and some of the various responsibilities.
What is a Personal Representative?
The responsibilities of a personal representative begin when the owner of the estate passes away. At this point, the personal representative will begin the tasks needed to properly handle the estate.
This is an incredibly important role, so it should be given to someone you trust. Many people choose a close friend, family member, spouse, or partner.
What Are the Responsibilities of a Personal Representative?
Some of the responsibilities of a personal representative are as follows:
- Your personal representative must first file your will with the Register of Wills. Whether the will has to go through probate or not, this should be done in the county where you resided.
- If applicable, your personal representative must also file a petition for probate with the Orphans’ Court.
- Your personal representative must publish a statement in the local newspaper, instructing anyone who has a claim to make against you to do so now.
- Your representative will also have to create a record of all your beneficiaries, assets, and any other remaining creditors. He or she must also take an inventory including the assets and their appraised values.
- He or she will have to ensure all outstanding federal, state and estate taxes are filed.
- Your representative will have to distribute all assets to beneficiaries listed in your will.
- Your personal representative must handle any contested matters of the asset distribution amongst heirs.
- Lastly, he or she will file a Certificate of Compliance to close your estate.
If you have any questions regarding the responsibilities of personal representatives, contact our firm today to speak with an experienced estate planning attorney.
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