There are numerous responsibilities that become the obligation of a personal representative or executor once they assume their role. The party overseeing estate administration must fulfill their obligations or risk lawsuits and possibly removal from their position.
Someone who has just accepted the responsibility of a personal representative may have questions about their obligations. They need to know what tasks they need to fulfill if they want to do their job well. The following are some of the most important responsibilities of a personal representative managing estate administration and probate proceedings.
Securing and managing estate resources
Any property that belonged directly to the decedent becomes the property of their estate following their death. One of the first steps a personal representative may need to take involves accessing someone’s property and securing their most valuable possessions. Items at risk of theft can range from jewelry and cash to family heirlooms. It is a personal representative’s obligation to protect state resources from misappropriation and to properly manage them to maintain or increase their value until their sale or distribution to beneficiaries.
Communication with interested parties
There are many different parties who may have an interest in an estate. A personal representative needs to communicate with all known beneficiaries and heirs. They generally need to inform them about estate resources and advise them of obligations that could diminish the value of the estate or delay asset distribution. The personal representative also needs to communicate with known creditors and publish notice for unknown creditors. They may have to reach out to utility companies, landlords and tax authorities to advise them of the decedent’s passing.
Thorough record-keeping
The probate courts serve as an important form of oversight during estate administration. They can also sometimes remove a personal representative and replace them with someone else if they fail to perform their duties or violate their fiduciary duty to beneficiaries. Keeping thorough records helps complete the probate process with minimal challenges. It also allows the personal representative to defend their actions if any sort of conflict arises related to how they handle estate resources.
Major mistakes and oversights during estate administration could lead to financial liability or legal challenges against a representative. Estates typically help cover the cost of legal representation for an estate representative. Making use of that support can reduce the risk of mistakes during the probate process.