Some people accept the role of personal representative after a direct personal request by a testator. Individuals establishing estate plans often reach out to the people they want to hold positions of authority.
Others end up surprised upon learning about their inclusion in estate planning documents after a family member or close friend dies. Still others voluntarily choose to step into the role of personal representative when a loved one passes because others cannot or will not fulfill those necessary responsibilities.
Those who serve as personal representatives have a lot of work ahead of them. There are numerous crucial tasks that personal representatives must complete to protect themselves and uphold the legacy of the person who recently passed.
Locating a will
In some cases, those who have voluntarily agreed to administer an estate may be unaware of whether the testator provided a will or not. They may need to check online repositories, communicate with lawyers who worked with the decedent and search their home for documents. Making an effort to find and validate a will is a key step toward upholding the legacy wishes of someone who recently died.
Properly securing estate resources
People may have assets in a variety of different locations. Their residences often contain the vast majority of their assets. They may also have financial accounts, safety deposit boxes and even storage units that hold some of their more valuable assets. Personal representatives often need to look over estate planning documents and financial records to determine where various estate resources are and secure them against theft or misuse by others.
Communicating with interested parties
The probate process begins when the probate courts acknowledge a personal representative. The representative then needs to communicate with those who may have an interest in the estate. Named beneficiaries, likely heirs and even creditors may require written notice about estate administration from the personal representative. They may also need to manage estate assets so that they maintain their value before liquidation or distribution to beneficiaries. There are financial obligations and taxes to consider as well.
Those serving as personal representatives often need help fulfilling their probate responsibilities. Securing support early in the probate process makes it easier for estate representatives to fulfill their obligations without major mistakes or oversights.