Lino Lakes MN Personal Representative
Personal Representative Naming
The Personal Representative (formerly known as ‘Executor’) is the individual who you designate in your Will to handle your estate. You can also list Alternatives if, for whatever reason, your first Personal Representative preference can’t perform the duties on behalf of you. If your Personal Representative and all the Alternatives are unable to fulfill the duties, the court will then name someone to hold this position. The Personal Representative is entitled to a fee from funds in the estate in exchange for undertaking these duties.
Personal Representative Duties:
- Obtain the Will;
- Find the beneficiaries named in the Will and all other people who must be informed about the existence of such Will (i.e., any children of the deceased who aren’t named in the Will);
- Discover if there are any probate assets;
- Identify, gather, and inventory the assets of the deceased;
- Establish a checking account for the estate;
- Determine who is going to get what and how much according to the parameters of the Will
- Provide 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 assets according to the instructions provided in the deceased’s Will
- Close probate.
Because your Personal Representative will have full access to all property in the probate estate, designating a competent and trustworthy person for the position is of the utmost importance. It would best serve the estate to declare someone who has business experience, intelligence, and sound integrity and honesty to fulfill the responsibilities of a Personal Representative. The attorneys at Kallemeyn & Kallemeyn have many years of experience in aiding personal representatives with the duties involved with this obligation.
Serving Lino Lakes, MN with all Personal Representative services.
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