Being asked to serve as a personal representative, also commonly referred to as an executor or estate administrator, for someone’s estate is both an honor and a significant responsibility. This role involves managing and distributing the deceased person’s assets according to the terms of their estate plan (if applicable) and complying with probate requirements imposed by the state.
While serving in this role can be a way to honor a loved one’s wishes, it’s important to understand that the position requires time, effort and attention to detail. Before agreeing to take on this role, it’s important to understand what it entails and whether it’s the right choice for you.
The basics
As a personal representative, you will be responsible for various tasks, including:
- Probate administration: Filing the deceased’s will with the probate court and managing the probate process, which includes notifying beneficiaries, paying debts and taxes and distributing assets.
- Asset management: Safeguarding the estate’s assets, which may involve managing investments, selling property or maintaining real estate until it is distributed or sold.
- Addressing financial obligations: Working to ensure that all outstanding debts and taxes are paid before distributing the estate’s assets. This includes filing final income tax returns for the deceased and (possibly) managing estate tax issues.
- Legal Compliance: Keeping detailed records, adhering to deadlines and communicating with the court, beneficiaries and creditors as required.
Before agreeing to serve as a personal representative, consider whether you have the time, organizational skills and emotional capacity to handle all of these responsibilities. This role can be time-consuming, partially because it requires regular communication with the court, attorneys and beneficiaries. It can also be emotionally challenging, especially if you are grieving the loss of a close loved one.
Should you decide to move forward with this responsibility, know that the estate will likely be able to pay for legal guidance, should you require any support.