08 Jan Tying Up Loose Ends: An Overview of a Personal Representatives Responsibilities
Cars, bank accounts, and family heirlooms. Bills, mail, and debts. These are all things people leave behind when they die. So, who is responsible for handling the deceased’s loose ends? In Nebraska, it’s the deceased’s personal representative. Read on to discover what a personal representative is and what the responsibilities of being a personal representative are.
What is a personal representative?
A personal representative, otherwise known as an executor, is the person responsible for handling an estate when someone dies. Typically, an individual names their personal representative in their last will and testament. If someone dies without a will, however, the court will name a personal representative for them. No special skills or knowledge is required to be a personal representative. The person named just has to be able to complete the tasks required of them as the individual responsible for handling the estate.
What are the responsibilities of a personal representative?
Personal representatives are responsible for a variety of tasks. This includes:
- Carrying out written burial instructions
- Submitting the deceased’s will to probate
- Taking possession of the deceased’s assets and preserving them
- Distributing assets to beneficiaries and heirs as listed
- Paying bills and debts owed by the deceased
- Taking an inventory of the estate’s fair market value within the first three months
- Defending the estate against legal action if necessary
Ultimately, a personal representative is responsible for acting in the estate’s best interest. The individual is filing in to wrap up the deceased’s loose ends and to make sure the estate is handled and distributed smoothly. A personal representative should consider contacting a lawyer to minimize potential errors in handling the estate since they would be liable for errors that occur. To contact Boyum Law, click, here.