What is a Probate Personal Representative?
A probate personal representative refers to the person responsible for overseeing administration of a probate estate.
Probate is the legal process used to validate a deceased person's Last Will and Testament and ensure named beneficiaries receive intended inheritance assets.
The role of probate personal representative encompasses many duties.
Individuals designated to this position should possess strong financial knowledge and be able to make smart decisions during difficult times.
A probate executor must be of legal age and never convicted of a criminal offense.
Duties of the probate executor include working with an estate planner or probate attorney to execute legal documents through the court.
Estate administrators can reduce estate expenses by performing duties on their own or they can hire a professional to manage the estate on their behalf.
During probate the personal representative will need to obtain property appraisals, pay outstanding debts, secure estate assets and distribute assets to named beneficiaries and heirs when the probate process is finished.
Probate personal representatives receive compensation for their duties.
These fees are regulated by each individual state and can be paid on an hourly basis, flat-fee, or percentage of the estate value.
Estate administrators can elect to forego payment for their services.
However, probate can drag on for years and require countless hours of filing paperwork, court appearances and dealing with all other aspects of the estate; including mediating family disputes.
While it can be uncomfortable receiving compensation to handle a loved one's estate, the probate personal representative provides a valuable service that can be excruciatingly painful and time-consuming to deal with.
Personal representatives are usually designated within the decedent's Last Will and Testament.
Probate experts recommend discussing your decision with the individual prior to designating them to this position.
While you might feel the person you have chosen would best represent your estate when you're gone, they might not have the desire or ability to take on the responsibilities.
Experts also recommend appointing two personal representatives within the Will.
Should the primary estate executor be unable to fulfill their duties, the second executor can quickly and easily take over the role.
This preventative measure ensures the estate can be administered without delay.
In the event a person dies without executing a Will, a judge will appoint a probate personal representative.
Oftentimes, a direct lineage relative is appointed; however, the judge can appoint a probate attorney, estate planner, or a close personal friend of the decedent to the position.
Executing a Will provides the opportunity to bequeath your financial holdings, real estate and personal belongings to the people you want to receive them.
If you do not engage in estate planning, distribution of assets will be left in the hands of the courts.
Probate is the legal process used to validate a deceased person's Last Will and Testament and ensure named beneficiaries receive intended inheritance assets.
The role of probate personal representative encompasses many duties.
Individuals designated to this position should possess strong financial knowledge and be able to make smart decisions during difficult times.
A probate executor must be of legal age and never convicted of a criminal offense.
Duties of the probate executor include working with an estate planner or probate attorney to execute legal documents through the court.
Estate administrators can reduce estate expenses by performing duties on their own or they can hire a professional to manage the estate on their behalf.
During probate the personal representative will need to obtain property appraisals, pay outstanding debts, secure estate assets and distribute assets to named beneficiaries and heirs when the probate process is finished.
Probate personal representatives receive compensation for their duties.
These fees are regulated by each individual state and can be paid on an hourly basis, flat-fee, or percentage of the estate value.
Estate administrators can elect to forego payment for their services.
However, probate can drag on for years and require countless hours of filing paperwork, court appearances and dealing with all other aspects of the estate; including mediating family disputes.
While it can be uncomfortable receiving compensation to handle a loved one's estate, the probate personal representative provides a valuable service that can be excruciatingly painful and time-consuming to deal with.
Personal representatives are usually designated within the decedent's Last Will and Testament.
Probate experts recommend discussing your decision with the individual prior to designating them to this position.
While you might feel the person you have chosen would best represent your estate when you're gone, they might not have the desire or ability to take on the responsibilities.
Experts also recommend appointing two personal representatives within the Will.
Should the primary estate executor be unable to fulfill their duties, the second executor can quickly and easily take over the role.
This preventative measure ensures the estate can be administered without delay.
In the event a person dies without executing a Will, a judge will appoint a probate personal representative.
Oftentimes, a direct lineage relative is appointed; however, the judge can appoint a probate attorney, estate planner, or a close personal friend of the decedent to the position.
Executing a Will provides the opportunity to bequeath your financial holdings, real estate and personal belongings to the people you want to receive them.
If you do not engage in estate planning, distribution of assets will be left in the hands of the courts.