The Role of a Personal Representative for Settling Probate Estates

The Role of a Personal Representative for Settling Probate Estates

A personal representative refers to a person designated to settle a decedent's estate. This person is usually the surviving spouse, but can be a family member, personal friend, professional estate planner, or probate attorney.

The personal representative is designated through decedents' last will and testament. If decedents do not execute a last will, the representative must be confirmed through probate court.

Probate is a mandated process within the U.S. The only way to avoid probate is to transfer inheritance property into a trust. The Will is used to appoint an estate administrator, establish guardianship, provide directives regarding burial arrangements, and bequeath property to heirs and beneficiaries.

Estates which are not protected by trusts and do not have a valid Will are referred to as 'intestate' estates and must be settled according to state probate laws. Probated property of intestate estates normally transfers to a surviving spouse and direct lineage heirs including parents, siblings, and biological or adopted children.

The personal representative is required to oversee a variety of duties. These can include securing and taking inventory of valuable property and personal belongings, notifying creditors and government entities of the decedent's death, clearing outstanding debts, paying final taxes, and distributing inheritance gifts to designated beneficiaries.

The time required to settle a probate estate can vary greatly. Many variables can interfere with the probate process. Much depends of if the estate is intestate or testate. Testate estates are those protected by a Will and can usually be processed more expediently than intestate estates.

Estate settlement begins once the last will and death certificate are presented to the probate court. Depending on the jurisdiction of the estate, the personal representative may be required to appear in court to be confirmed as the legal estate administrator. Some states require personal representatives to obtain a surety bond.

Many states require personal representatives to obtain court approval for all aspects of estate administration, while others allow Administrators to manage the estate without court interference. Individuals appointed as a probate personal representative should consult with a lawyer to ensure they comply with state law. Otherwise, they could place their self at risk for legal prosecution.

Personal representatives are required to establish an estate bank account to record financial transactions. Accounting records must be presented through probate court before the estate can be closed.

All debts owed by decedents must be paid through the estate before inheritance property can be distributed. If the estate is financially incapable of paying off debts, the probate judge may order assets sold. Depending on the level of debt, a probate lawyer may need to be hired to negotiate debts.

Once estate settlement duties are completed, inheritance assets can be distributed to heirs and beneficiaries. Individuals receiving property must sign and notarize acknowledgement statements to verify receipt of inheritance gifts. Once statements are submitted through the court the personal representative is relieved of their duties.

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