Naming a personal representative is something that all individuals should consider, despite the fact that no two estate plans are exactly the same. Every individual’s estate has its own set of circumstances and facts.
The assets within each estate will be different as well as the individuals who may ultimately receive those assets. There are four primary responsibilities, however, that your personal representative will have in the event that you pass away.
In order to appropriately administer an estate, a personal representative will usually inventory all of the assets, address any concerns with creditors, file appropriate tax returns and distribute property to the relevant parties. How these tasks are accomplished, however, depends on the distinctions from one estate to another.
Once an individual has been appointed as a personal representative, their first task is to identify all of the assets associated with the estate. After these have been identified, some items will need to be protected and this can range in complexity. For example, changing the locks on the home might be one aspect of guarding the assets.
The personal representative is also responsible for notifying creditors and determining whether any claims are valid. From this point in time, she or he will then file tax returns. After all of these financial issues have been addressed the final step for a personal representative is to distribute the property and close the estate. If you have questions about how the personal representative process works or how to determine an appropriate person to serve in this role, contact a Massachusetts estate planning attorney today.
