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INSIDE
Debunk Common Misconceptions About Estate and Long-Term Care
Protect Your Wealth From the New Estate Tax Trap
6 State Laws You Won’t Believe Exist!
Celebrating Work Anniversaries at Monteforte Law
Winner Winner Potluck Dinner
The Responsibilities of a Personal Representative
Estate Plan Responsibilities Explained YOUR ROLE AS PERSONAL REPRESENTATIVE
estate, you are responsible for carrying out the will of the deceased. If you have been named personal representative of an estate, here are three duties you must manage. Asset Distribution The primary role of a personal representative is to distribute the estate’s property according to the decedent’s wishes. This also includes paying for maintenance costs during probate and before distribution can occur. As the personal representative, you are responsible for paying any mortgage, utility, car, and other necessary bills until the beneficiaries take over those responsibilities. Although some assets may avoid probate, the personal representative must file the will in probate court in most states. Paperwork and Notification As personal representative, you must obtain copies of the death certificate from the
Being named an personal rep resentative is an honor that comes at a difficult time. But looking after the estate of a loved one after they are gone is a privilege that comes with many responsibilities. You must manage paperwork, assets, and maintenance costs. Moreover, as personal representative of the
funeral home. This is necessary to file a tax return for the decedent’s final year of life and to file a life insurance claim. It will also be required when notifying applicable government agencies, such as the Social Security Administration, of the decedent’s passing. It will also be your responsibility to notify the decedent’s credit card company, banks, and mortgage lenders. Funeral Arrangements and Accounts The decedent’s wishes for funeral arrangements will most likely be included in their will, and it is your role as personal representative to carry them out. Additionally, all payments made on behalf of the decedent should come from an estate account. Establishing an estate account for dividend payments, paychecks, tax refunds, and burial expenses is key. This role may seem complicated, but whoever gave it to you knew you were up to the task.
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