Some people become the personal representative of an estate because a person they know asks them to take on that responsibility. Their friend, acquaintance or family member may then name them in estate planning paperwork as the executor or personal representative of their estate after they pass.
Other times, people die without estate planning documents. The courts may appoint someone based on their availability and willingness to serve in that role. Regardless of how a personal representative ends up responsible for overseeing probate proceedings, they have many obligations to fulfill. Some of them are more important than others as they could lead to personal liability or litigation intended to remove the representative from their position.
What are some of the most important responsibilities when overseeing a probate process?
Securing and maintaining assets
The property that belonged to the deceased individual could be vulnerable after they die. If they rented a living space or lived in a nursing home, their property could end up in storage or thrown out if someone doesn’t come to collect it soon enough. Even if they own their own home, other people might break in or use keys that they have to steal specific resources. Personal representatives have to locate and secure valuable property. They also have to take steps to maintain those assets so that they don’t depreciate in value.
Identifying and paying financial responsibilities
A personal representative could have liability for taxes and debts that they fail to pay with estate resources. There could be federal estate taxes and income taxes due. They have to identify and communicate with interested parties and properly use estate resources to fulfill financial obligations.
Distributing assets according to the plan or law
After locating estate planning documents, fulfilling financial obligations and securing estate resources, the personal representative can then distribute the remaining assets among the chosen beneficiaries or heirs of the decedent. They have to do so either in accordance with intestate succession laws or the specific instructions provided by the testator. The failure to fulfill any of these obligations could lead to litigation intended to remove the representative from their position or personal financial responsibility for mismanaging resources.
Having proper support and guidance during estate administration can decrease the likelihood of a representative making actionable mistakes. Those who fulfill their responsibilities can uphold the last wishes of the decedent and offer crucial support to their heirs or beneficiaries.
