MN Personal Representative
Personal Representative Naming
The Personal Representative (formerly known as ‘Executor’) is the person you name in your Will to handle your estate. You can also name Alternatives if for some reason your chosen Personal Representative can’t act for you. If your Personal Representative and all the Alternatives are unable to act, the court will name a person to fill this role. The Personal Representative is entitled to receive a fee for these services from the money in the estate.
Personal Representative Duties:
- Obtain the Will;
- Find the beneficiaries named in the Will and all other people who must be notified about the Will (such as children of the deceased who aren’t named in the Will);
- Determine if there are any probate assets;
- Identify, gather, and inventory the assets of the deceased;
- Set up a checking account for the estate;
- Figure out who is going to get what and how much under the Will
- Give legal notice to potential creditors (the procedure and deadlines for creditors to file claims vary from state to state)
- Pay the expenses of administrating the estate
- File and pay income and estate taxes
- Distribute the remaining property in accordance with the instructions provided in the deceased’s Will
- Close probate.
Since your Personal Representative is given access to all property in the probate estate, the selection of a competent and trustworthy person is very important. It is wise to nominate someone who has business experience, intelligence, and the utmost integrity and honesty to serve as your Personal Representative. The attorneys at Kallemeyn & Kallemeyn have years of experience in assisting personal representatives with these duties.