Ramsey MN Personal Representative
Personal Representative Naming
The Personal Representative (formerly known as ‘Executor’) is the individual you name in your Will to handle your estate. You can also list Alternatives if, for any reason, your primary Personal Representative selection can’t fulfill the duties on behalf of you. If your Personal Representative and all the Alternatives are not able to perform the duties, the court will name someone to occupy this position. The Personal Representative is entitled to a fee from funds in the estate in exchange for taking on these responsibilities.
Personal Representative Duties:
- Obtain the Will;
- Find the beneficiaries named in the Will and all other people who must be informed about the existence such Will (i.e., any children of the deceased who aren’t named in the Will);
- Figure out if there are any probate assets;
- Identify, gather, and inventory the assets of the deceased;
- Set up a checking account for the estate;
- Determine who is going to get what and how much under the terms of 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.
Because your Personal Representative will have full access to all property in the probate estate, naming a competent and trustworthy person to the position is the most important matter. It would best serve the estate to designate someone who has business experience, intelligence, and the utmost integrity and honesty to fulfill the duties of a Personal Representative. The attorneys at Kallemeyn & Kallemeyn have many years of experience in aiding personal representatives with the tasks concerned with this.
Serving Ramsey, MN for all Personal Representative services.
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