Loss brings legal complexities. Someone must settle the estate. Enter the personal representative, a fiduciary. This role demands trust and strict adherence to law. Read on for an understanding of the overall duties of personal representatives. Specific examples, based on Minnesota legal protocols, are offered as well.
Stepping Up When A Love One Dies
When a loved one passes, someone must step forward, to navigate the legalities of officially closing their affairs. This person is often referred to as a personal representative, though in some states and circumstances, the terms executor or administrator may be used. Essentially, the personal representative is entrusted with paying off the debts of the deceased and distributing the assets, either in accordance with plans left in a will or trust, or in accordance with state laws of intestacy. Because personal representatives are fiduciaries, they are legally obligated to act with the utmost good faith, loyalty, and prudence. Meticulous record-keeping, transparent communication and adherence to court protocols are all essential.
At Unique Estate Law in Minnesota, attorneys observe that it is a big responsibility to close out the affairs of the deceased, and offer these examples of the primary duties of personal representatives:
- Gathering and safeguarding the assets of the estate: In Minnesota, the personal representative is responsible for identifying and collecting all the assets of the deceased, such as bank accounts, real estate, personal property, and investments. You must also ensure that these assets are properly safeguarded.
- Paying off debts and taxes: You must also identify and pay off any legitimate outstanding debts or taxes owed by your mom, using funds from the estate.
- Distributing assets to heirs and beneficiaries: Once all debts and taxes have been paid, you then distribute the remaining assets of the estate to the beneficiaries named in your mother’s will, or to their heirs if there is no will.
- Filing court documents and providing reports: A personal representative must file all necessary court documents and provide regular reports to the court, and heirs or beneficiaries, regarding the status of the estate.
Good To Know: Probate Lawyer?
Given their scope of responsibilities, personal representatives can understandably become overwhelmed, especially if they are simultaneously grieving and juggling family and work obligations. Many personal representatives find it helpful to engage a probate lawyer to help administer the affairs of the estate:
If a decedent has a will, then the probate lawyer files the will with the probate court, prepares and files probate court documents, and advises the personal representative of the will on the legal process for administering the estate. Another role that the lawyer may fill or provide guidance on is locating and gathering all of the decedent’s assets. This includes closing bank accounts and security boxes, securing appraisals on jewelry and real estate, and selling or distributing any other personal items….The probate lawyer also gathers all the debts of the decedent and arranges for their payment. If a person dies without a will, this situation is called intestate. Florida has intestate laws …about how to divide up the decedent’s assets. In these cases, the lawyer will ensure that all the intestate laws are followed and the estate is lawfully disbursed.
Personal Representative Bonds Explained
Personal representatives, like all fiduciaries, have significant, legally binding responsibilities. Given the gravitas of the role, a type of bond, sometimes referred to as a personal representative bond is often required by probate courts. Essentially, a personal representative bond serves as a guarantee that duties will be carried out in accordance with the law, and in the best interests of the estate and beneficiaries. Colonial Surety makes it easy and speedy for personal representatives and all fiduciaries to obtain their bonds: simply get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere–even before leaving probate court.
Personal Representative Bond HERE
Probate Law Practice?
Colonial Surety Company makes it easy and speedy for attorneys across the country to quickly secure personal representative bonds on behalf of clients. Our user-friendly online service allows you to efficiently quote and obtain all kinds of fiduciary and court bonds. With a few clicks on The Partnership Account® for Attorneys, you’ll select the bond needed, send it to your client for payment, and then download, e-file or print the bond.
Our fiduciary bonds include: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Court bonds include: appeal, supersedeas, injunction, replevin, receiver and more.
Speedy and easy fiduciary and court bonds are a few clicks away:
The Partnership Account® for Attorneys.
Colonial Surety is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA. Our customers have awarded us a 4.8 Trustpilot score. Whenever and wherever you need a bond, trust Colonial: www.colonialsurety.com