Once you have completed your estate plan, things will be out of your hands. In the event of your passing, your estate plan will be carried out by an individual of your choosing. This responsibility is given to your “personal representative.” It is important that you choose someone you trust for this role. Read on to learn more about the responsibilities of a personal representative.
What Are the Responsibilities of A Personal Representative?
A personal representative will carry out your estate plan in the event of your passing. There are a lot of responsibilities when it comes to successfully executing an estate plan. Some of these responsibilities will include:
Your representative must first file your will with the Register of Wills. Whether the will has to go through probate or not, this should be done in the county where you resided.
If applicable, your personal representative must also file a petition for probate with the Orphans’ Court.
Your representative must publish a statement in the local newspaper, instructing anyone who has a claim to make against you to do so now.
Your representative will also have to create a record of all your beneficiaries, assets, and any other remaining creditors. He or she must also take an inventory including the assets and their appraised values.
He or she will have to ensure all outstanding federal, state and estate taxes are filed.
Your representative will have to distribute all assets to beneficiaries listed in your will.
Your personal representative must handle any contested matters of the asset distribution amongst heirs.
Lastly, he or she will file a Certificate of Compliance to close your estate.
How Do I Pick a Personal Representative?
It is important that you choose someone who you feel is responsible and will do a good job of following your wishes. Often, people choose close friends, family members, or life-partners to act as their personal representatives. If you have any questions or concerns regarding choosing the right personal representative for your estate plan, contact our firm today. We are here to walk you through all of your estate planning needs.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.