If you have been given the honor of being appointed as the personal representative of a family member or loved one's estate, you may have mixed feelings. On one hand, you realize that only the most trusted people are given this job. On the other hand, you likely have no idea what the job actually entails. To learn a bit more about the duties of a personal representative (or executor), read the 7 easy steps below.
1. Locate documents: The most important document may be the will, but it is actually among the top two documents to locate first. In some cases, the deceased used their will as a way to communicate their wishes for funeral and burial plans, so locating that document should be a top priority. The other important documents to locate are any insurance policies. Both burial policies and life insurance polices may be used for paying the final expenses of the deceased, and a primary duty of a personal representative is to ensure that there are funds available for this purpose. Other important documents include:
- Deeds (real estate)
- Trusts
- Titles (to vehicles)
- Tax returns
- Bank and investment account information.
3. Coordinate with the estate attorney for the reading of the will: Your appointment as personal representative will be officially recognized in the will, though most already have advance knowledge of this appointment. The will is your guideline for administering the estate, so read it carefully and speak to the estate attorney for clarification on any issues. At this point, the estate attorney will place a notice in a local newspaper calling for any creditors with an interest in the estate to come forward.
4. Perform an inventory: Probate usually requires that you have any real estate appraised and that you submit a listing to the probate court of any significant property of the estate. Any property owned by the deceased should be included in the inventory.
5. Pay bills of the estate: In most cases, any bills that come due should be paid right away, but work with the attorney for more information since there are a few that should wait a bit longer in the probate process. One major job for the personal representative is to ensure that taxes are filed and paid in a timely manner.
6. Use the death certificates: You will need to provide death certificates to the bank, the Social Security Administration, pension plans, and more, so order several originals.
7. Distribute property: Once the will has made its way through probate court, you must see to it that beneficiaries are given access to their inheritances. Your job as personal representative has come to an end.
For more information, contact some professionals, such as those at Moore, O'Connell & Refling PC.
