A personal representative is a big responsibility. As a result, it is important that you choose the right person to take on this task. Read on to learn more about the responsibilities of a personal representative in Michigan.
What is a personal representative?
During your life, you will appoint a personal representative. Once you pass away, the responsibilities of a personal representative begin. The job of a personal representative is to take all the necessary steps to close your estate.
How do I choose a personal representative?
This is an incredibly important role, so it should be given to someone you trust. This person should be responsible and reliable. Many people choose a close friend, family member, spouse, or partner.
What are the responsibilities of a personal representative?
When it comes to closing an estate, a personal representative will have the following responsibilities:
- Your personal representative must first file your will with the Register of Wills. 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 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 asset distribution amongst heirs.
- Lastly, he or she will file a Certificate of Compliance to close your estate.
If you have any questions or concerns about personal representatives or any other estate planning matters, our firm is here to help. Reach out today to discuss your options with an experienced estate planning attorney.
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