The Role of Personal Representative

If this is the first time you have been directly involved in the probate of an estate, it helps to get a general idea of what your role is during the process.  The overall purpose of probate is to ensure that a decedent’s estate assets are identified, valued, and eventually transferred to the new owners. Before assets can be distributed, however, creditors must be given the opportunity to file claims and any federal and/or state gift and estate and income taxes must be paid.

The Personal Representative of an estate is appointed by the decedent in his/her Last Will and Testament and is charged with overseeing the probate of the estate.  If a decedent dies intestate (without a Will), or an appointed Personal Representative cannot/will not serve, a court must appoint someone to oversee the administration of the estate.

The Personal Representative must locate and review all estate planning documents.  Because estate planning documents may interact, it is crucial to locate all of them as soon as possible. Documents to look for may include a Will, trust agreement, life insurance policies, and/or Letter of Instruction among others. An original copy of the Will must be located in order to initiate the probate process which will officially grant you the authority you need to act as the Personal Representative of the estate. A Personal Representative must also ensure that assets are identified, located, and secured because he/she is ultimately responsible for them throughout the probate process.

Every estate is unique; however, examples of steps you may need to take to secure and protect estate assets include:

• • Take possession of vehicles.
  • Close financial accounts
  • Lock up real estate and arrange for upkeep.
  • Keep businesses operating

No, which is why the Personal Representative must categorize estate assets. Some assets are classified as “non-probate” assets because they bypass probate altogether. Determining which assets are probate assets and which are non-probate assets is necessary to determine if the estate may qualify for a small estate alternative to formal probate. Common examples of non-probate assets include:

• • Assets held in a trust
  • Proceeds of a life insurance policy
  • Accounts designated as Pay-On-Death (POD) or Transfer-On-Death (TOD)
  • Certain types of jointly held property
  • Certain retirement accounts

Yes. The Personal Representative must request several certified copies of the decedent’s death certificate. A copy will likely need to be submitted to the court to open probate. Additional copies will likely be needed for third parties acting on behalf of the Personal Representative.

Although you are not legally required to retain an attorney, doing so will help you avoid costly mistakes. Moreover, the estate will cover the cost of legal counsel.  Your attorney can prepare all the documents necessary to make sure you do not make expensive mistakes, and allow you to focus more on your grief and moving forward with other aspects of your life.