What is a personal representative under a will?
A Personal Representative (commonly referred to as an Executor) of an estate is an individual or institution designated to administer the estate of a decedent. The primary duty of a Personal Representative is to protect the estate in a manner consistent with the decedent’s wishes.
Can a personal representative sell a property in a will?
The personal representative also has the duty to maintain the assets while the case is pending, including However, whether the personal representative can sell the property depends on additional factors, including state law and the testator’s instructions. If the decedent had a will, it should be consulted to determine the testator’s wishes.
Can a person serve as a personal representative in probate?
A “testate” estate is one that has a valid last will and testament. A will should — and usually does — name the individual the decedent would like to serve as his personal representative or executor. Courts almost invariably honor the decedent’s wishes if the person he named is still alive and is otherwise able to serve.
Can a person be a personal executor in a will?
The person named as personal representative in the will wouldn’t be legally permitted to serve if they don’t meet all the criteria for a personal executor under that state’s law. They might have been convicted of a crime, or they might have suffered some mental decline that would prevent them from meeting their duties.
Who is entitled to a copy of the last will and testament?
There’s no legal requirement that a last will and testament must be read aloud to anyone. The executor or personal representative of the estate determines who is entitled to receive a copy and who should be sent a copy even if state law doesn’t require it.
Who is a personal representative in a probate estate?
The difference between them is whether did or did not leave a will. A personal representative is appointed by a judge to oversee the administration of a probate estate. It can be a person, an institution such as a bank or trust company, or a combination of both.
Who is the executor of a will and testament?
The Role of an Executor. A personal representative is appointed by a judge to oversee the administration of a probate estate. It can be a person, an institution such as a bank or trust company, or a combination of both. If the decedent left a last will and testament, it most likely names the individual he wanted to handle this responsibility.
There’s no legal requirement that a last will and testament must be read aloud to anyone. The executor or personal representative of the estate determines who is entitled to receive a copy and who should be sent a copy even if state law doesn’t require it.
When does a personal representative close an estate?
Once all of the assets are collected and the claims are satisfied, the Personal Representative must distribute the assets consistent with the terms of the Will or the state’s probate laws. When the court approves the final account and the assets have been distributed, the estate is considered closed.