Will personal representative duties?
As the Personal Representative, you are responsible for doing the following: • Collecting and inventorying the assets of the estate; • Managing the assets of the estate during the probate process; • Paying the bills of the estate. Making distribution to the heirs or beneficiaries of the estate.
What is a personal representative document?
Personal representative’s deeds are used to transfer real property from both testate (with a will) and intestate (without a will) estates. These documents provide essential information about the specific probate estate and related property transfer in one document.
Are personal representative fees taxable?
All personal representatives must include in their gross income fees paid to them from an estate. If paid to a professional executor or administrator, self-employment tax also applies to such fees.
What does it mean to be the personal representative of an estate?
A Personal Representative (commonly referred to as an Executor) of an estate is an individual or institution designated to administer the estate of a decedent. The primary duty of a Personal Representative is to protect the estate in a manner consistent with the decedent’s wishes.
Is there a difference between executor and personal representative?
If a deceased specifically names a person or institution to act for him or her in his or her will, and if the will is accepted as valid, the named personal representative is known as the executor (male) or executrix (female). Corporate entities (banks and trust companies) are also called executors.
How do you get rid of a personal representative?
The process of removing a personal representative begins with filing a petition or removal. An heir or interested party must file the petition with the probate court and serve a copy of the petition on the personal representative. The probate court schedules a hearing date and time to hear the matter.
How do I replace my personal representative?
The court typically has the power to remove and replace a personal representative for good reason or good cause. The petitioner must show the court that removal is in the best interest of the estate or show that the personal representative is acting wrongly.