When someone dies, their will names a personal representative responsible for administering their estate. The personal representative, known as the executor in some states, has many varied responsibilities. However, three essential duties of personal representatives must be accomplished to administer any estate properly. To correctly manage the following tasks and ensure no other responsibility is overlooked, personal representatives can work with an experienced attorney at The Millman Law Group. Our knowledge of estate planning, and all legal estate documents, will help you make sure every wish of the decedent is honored.
Locate and Collect Every Asset
One of the first essential duties of personal representatives is locating and taking control of all the decedent’s assets. This includes all tangible assets (money and property) and intangible assets (copyrights, digital assets). The personal representative will also have to determine the decedent’s liabilities. The specifics of each estate vary depending on numerous factors, so your attorney can help you decide which actions are needed for the estate you are managing.
Notify All Beneficiaries and Creditors of Administration
Once the Letters of Administration have been issued, the personal representative is responsible for notifying all people or groups who may claim an interest in the decedent’s estate. Notification is done by properly serving a Notice of Administration and a Notice to Creditors.
Properly Close the Estate Once Distribution Is Complete
After the estate has been administered, the decedent’s property has been distributed correctly, and all taxes and debts have been paid, the personal representative must properly lose the administration. This is done by preparing and filing a final accounting.
The personal representative is given power over the decedent’s estate, equivalent to what the decedent would have had. Because of this power, the personal representative is a fiduciary held to high standards of care. If the estate is administered improperly, the personal representative can be held liable to the creditors and beneficiaries.
The duties of personal representatives and their complexities are why personal representatives must choose counsel they can trust to guide them through the process. With The Millman Law Group by your side, you can efficiently and correctly administer an estate.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.