Assuming the role of the Personal Representative is a big responsibility that demands diligence. We will provide you with a brief overview of the obligations.
Lodge the Original Will
In most states, the original will must be tendered to the court. Your probate attorney will help you.
Initiate Probate Proceedings
Whether probate is required depends on the laws in your state and how the assets are titled. For example, assets with beneficiary designations will go directly to the named beneficiary and are not required to go through the probate process. If a probate is necessary, then you should begin timely.
Compile and Inventory Assets
After you are appointed, you must prepare an inventory of the deceased’s assets, including real estate, financial accounts, investments, personal property, and other valuable possessions. Some of these will need formal appraisals. Your attorney may also have access to various databases to help you search for assets. Keeping detailed records is fundamental for the duration of the probate process.
Address Outstanding Debts
Most states require you to follow a specific notice to creditors procedure. Identify and address all outstanding debts of the deceased, including mortgages, loans, credit card balances, and unpaid bills. For creditors that file valid claims, you will generally need to discharge these obligations before distributing the remaining assets to beneficiaries.
Maintain Open Lines of Communication with Beneficiaries
The law in your state will govern what types of notice are required for beneficiaries. You should provide additional communication if you are not dealing with a contested estate. That way, the beneficiaries will know what is going on with the estate, what the next step is, and when they might receive the distribution.
File Required Tax Returns
Fulfill tax obligations on behalf of the deceased by filing the final income tax return and, if applicable, the estate income tax return and the estate tax return. You should seek professional tax advice.
Distribute Assets to Beneficiaries
Once you have handled the debts and taxes, you may typically petition the court for approval of your actions and the authority to distribute the remaining assets to beneficiaries. You will want to obtain receipts from beneficiaries acknowledging receipt of their respective inheritances. Then, formally close the estate.
A probate lawyer can help ensure the effective fulfillment of duties. At Boyer Law Group, we have experience guiding people through probate.