Who are considered beneficiaries?
A beneficiary is a someone named in a decedent’s will, trust, life insurance policy, and/or financial account who has been selected to receive the assets. A beneficiary need not be an heir: a friend, a long-term partner, a stepchild, or a charity can be a beneficiary. Even a pet can be a beneficiary!
Can a beneficiary request a personal representative?
Beneficiaries have the right to request ongoing reports from the personal representative about the administration of the estate. If you would like to learn more about the relationship between a personal representative and a beneficiary or the duties of each, contact an experienced attorney for more information.
How is a personal representative of an estate appointed?
A personal representative of the estate is appointed by the court or by the deceased in his/her will. The representative sees to it that the assets of the estate are appropriately distributed and that the decedent’s debts are paid.
What are the duties of a personal representative?
The personal representative must collect the assets, pay the debts of the deceased and then distribute the assets of the estate to the beneficiaries in compliance with all applicable laws and the terms of any will of the deceased. A lawyer can be the personal representative of an estate.
When do beneficiaries sign a personal representative release?
If all beneficiaries are adults and are satisfied with the work of the personal representative, they may agree on the amount of the compensation and sign releases when the estate work is completed and they have received their share of the estate.
Beneficiaries have the right to request ongoing reports from the personal representative about the administration of the estate. If you would like to learn more about the relationship between a personal representative and a beneficiary or the duties of each, contact an experienced attorney for more information.
Who is the personal representative of an estate?
The personal representative is the individual who is charged with guiding an estate through the probate process, and it can sometimes be a complicated and time-consuming job. How much they receive and when they’ll be paid can depend on several factors. Did the Decedent Leave a Valid Will?
What are the responsibilities of a personal representative?
The responsibilities of a personal representative can vary slightly depending on the circumstances, but the position is an important one. When someone accepts the role, they have a fiduciary duty to the estate and to any of its beneficiaries.
Can a personal representative be appointed in a will?
A personal representative usually is named in a will. However, courts sometimes appoint a personal representative. Usually, whether or not the deceased left a will, the probate court will issue a finding of fact that a will has or has not been filed and a personal representative or administrator has been appointed.