A probate personal representative is responsible for duties required to settle the estate of a person who has passed away. Probate is the legal protocol used to transfer inheritance property to beneficiaries and to pay debts and taxes owed by the decedent.

Choosing a probate personal representative requires careful thought. The law requires estate agents to be of legal age and never convicted of a felony. The person needs to be organized, good with finances, and able to meet deadlines. They may also need to have good mediation skills and capable of diffusing problems if family disputes over inheritance come about.

Many states require personal representatives to obtain court confirmation before commencing with duties. Others require representatives to acquire an estate bond to protect the estate against misappropriation of funds.

Some states let estate agents settle the estate without court interference, while others require court authorization before engaging in certain types of transactions. It\’s always best to talk with a probate attorney to make certain all bases are covered.

It is common practice to designate a relative to this position, but this might not be the best choice for everyone. If relatives frequently argue and bicker there is a good possibility that someone will contest the decedent\’s last will. This is a costly process that can deplete estate assets and leave nothing for anyone.

Representative duties vary depending on the kind of estate planning measures the decedent took prior to death. At minimum, representatives will have to secure and inventory all estate assets; notify creditors of the death; pay outstanding debts; file a final tax return; and manage distribution of inheritance gifts.

Personal representatives are in charge of getting property appraisals for valuable items such as real estate, jewelry, and automobiles. Beneficiaries will need appraisals to calculate inheritance tax and provide documentation to the IRS.

Most people assign beneficiaries to receive money held in banks and financial portfolios. In order to transfer funds, personal representatives need to acquire date of death value statements from financial institutions where the money is held.

Value forms have to be validated by the county tax assessor office to confirm decedents don\’t owe back taxes. When taxes are owed the estate must pay the outstanding amount before money can be given to beneficiaries.

These are some of the most common tasks that probate representatives will be charged with. It\’s always a good idea to talk with the individual you believe is best for the job prior to appointing them in the Will.

Individuals that are appointed to this position, but do not want to settle the estate will not be legally required to take on the task. Instead, another person will be confirmed through the court. Changing estate agents usually slows down the probate process and can add an extra month or two to settle the estate.

One solution is to designate a primary and secondary personal representative in the last Will. If the primary representative isn\’t able to take on the responsibilities, the secondary representative can take charge without prolonging the probate process.

Personal representatives do receive financial compensation for their duties. Depending on the state of the decedent\’s residence, fees can be paid as a flat rate, hourly wage, or percentage of the estate value.

Relatives tend to feel uneasy accepting money for estate settlement. However, probate can be a tedious task that requires several months of work. At minimum, probate personal representatives spend 40 hours tying up loose ends, but it\’s usually requires much more time than that.

Simon Volkov is a California probate liquidator and real estate investor who provides a vast estate planning article library. He offers tips for choosing a probate personal representative, along with estate planning strategies to protect estate assets at www.SimonVolkov.com.

Simon Volkov is a California probate liquidator and real estate investor who provides a vast estate planning article library. He offers tips for choosing a probate personal representative, along with estate planning strategies to protect estate assets at http://www.SimonVolkov.com.

Author Bio: Simon Volkov is a California probate liquidator and real estate investor who provides a vast estate planning article library. He offers tips for choosing a probate personal representative, along with estate planning strategies to protect estate assets at www.SimonVolkov.com.

Category: Finances
Keywords: probate personal representative, personal representative, estate agents, probate, beneficiaries