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EFFECTIVE LEGAL GUIDANCE FOR FAMILIES AND BUSINESSES

You Were Designated as Personal Representative: What You Need to Know

| Apr 21, 2020 | Firm News |

You have been designated as personal representative to administer an estate. This means you have become a fiduciary, and you are now entrusted and charged with the highest duty of trust and responsibility. Personal representatives are named as executors if the decedent had a will and as an administrator if the persons died without a Last Will and Testament.

In either case, as a personal representative, you will have specific duties while carrying out the administration of an estate, including but not limited to the following:

  • Inventorying estate assets;
  • Paying valid debts and liabilities of the decedent as appropriate, and at the appropriate time;
  • Distributing assets lawfully;
  • Filing necessary paperwork in the probate action;
  • Providing necessary notices to beneficiaries and other interested parties;
  • Undertaking to defend interests of the estate in the event litigation is filed against the estate;
  • Maintaining certain estate assets so as not to diminish their value; and,
  • Filing necessary tax documents.

Serving as a personal representative is a serious matter. If you are designated as one, contact our office to schedule a consultation to determine how we can help you navigate through the execution or administration of your loved one’s estate.