Tag: Personal Representative

WHAT DOES A PERSONAL REPRESENTATIVE OF AN ESTATE NEED TO DO TO GET STARTED?

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Who is a Personal Representative?

A Personal Representative is a gender-neutral legal term used in Indiana and is the person(s) named to wrap up a deceased’s affairs and distribute the assets. Other states may refer to this person as the Executor (male) or executrix (female) of the Estate. If the Decedent had a Will, they typically would have named their choice for Personal Representative in this document. Once the estate is opened with the court, the court will officially approve the Personal Representative, thus giving them the authority to handle the affairs and assets of the decedent.

What does a Personal Representative have to do?

There are several things you are tasked with handling, while some of them may not seem difficult, they can be time-consuming and hiring an attorney may help.

1.     Locate the Will and determine how distribution of assets is to go. This is more involved than just               finding the assets and handing them out to the heirs, and there are time frames that should be                   followed. Must probate the Will.

2.     Locate and secure all assets making sure they are locked, insured, and harbored in a safe place.             This includes securing the house, vehicles, bank accounts, and personal belongings.

3.     Keep the utilities and mortgage paid, but cancel the non-essentials like cable, dish, internet and                 the newspaper.

4.    Open an estate bank account.

5.    Review all bills, and determine what must be paid now.

6.    Determine if tax returns must be filed.

7.    Everything must be kept separate than the Personal Representative’s assets.

8.    Determine all heirs to inherit under the Will. Get approval by all to close the estate and distribute                the funds.

9.   Adhere to deadlines set by the court to close the estate and file certain documents.

10.   You as Personal Representative could have personal liability if handled incorrectly.

This is not an exhaustive list of the duties of a Personal Representative and every case is different.

Having an experienced attorney guide you through the process helps ensure you do not miss something important and can answer any questions that may arise. 

 

Where are your Assets?

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HAVE YOU “MAPPED OUT” YOUR ASSETS FOR YOUR HEIRS?

You probably have a Last Will and Testament describing how assets are to be distributed, but have you made a list of where those assets can be found?

 

You want to make sure your family is able to locate everything you have worked so very hard for. An asset inventory is a simple list which makes it easier on your loved ones by telling them exactly where to find all your assets and various accounts.

What are my assets?

Assets are tangible and intangible things you own or have a right to when alive or after you die. You may have numerous bank accounts with different banking institutions, cash, collectibles, online accounts, emails, retirement plans, (life) insurance policies, and perhaps even receive “paperless” statements only via email. It is a good idea to leave a list of passwords, account numbers and locations. Your asset inventory may include:

  • Bank and investment accounts
  • Safe Deposit Box
  • Insurance and annuity policies
  • Stocks and bonds
  • Deeds and titles
  • Retirement Accounts (IRA, 401K, etc.)
  • Life Insurance policies (any post-death benefits)
  • Cash, jewelry, valuables
  • Email and online accounts with passwords.
  • Certain bills or premiums you pay may also be included
  • Combinations to a safe or location of a safe key

What does this matter?

This is a very important Estate Planning step that most people forget about. Doing this very simple step, could save your loved ones hours of time and energy trying to locate and organize all your various assets. Plus it will ensure all your assets are accounted for. Once you die, holders of most of these assets have knowledge of your death or even if they did, an obligation to notify your heir that the asset exact. This huge responsibly falls onto your Personal Representative (or Executor of your Will). This is the person you named in your Will to collect, manage, and distribute your assets and pay your last bills.

What do I do after I “Map my assets”?

After you have mapped it all out, tell a loved one where you are going to keep the list. Generally you keep it in your safe along with your Will and other important documents (remember you should give someone the combination to your safe or a way to access it). Remember to periodically update your asset inventory, and always update your Will with major life events.

Call Perry Law Office now and our experienced attorneys will help you decide if now is the time to make changes to your Will or help you with your other Estate Planning needs.

 

What does a Personal Representative of an Estate need to do to get started?

Posted by admin on

Personal Representative is a gender-neutral legal term used in Indiana and is the person(s) named to wrap up a deceased’s affairs and distribute the assets. Other states may refer to this person as the Executor (male) or executrix (female) of the Estate. If the Decedent had a Will, they typically would have named their choice for Personal Representative in this document. Once the estate is opened with the court, the court will officially approve the Personal Representative, thus giving them the authority to handle the affairs and assets of the decedent.

There are several things you are tasked with handling, while some of them may not seem difficult, they can be time-consuming and hiring an attorney may help.
1. Locate the Will and determine how distribution of assets is to go. This is more involved than just finding the assets and handing them out
to the heirs, and there are time frames that should be followed.
2. Locate and secure all assets making sure they are locked, insured, and harbored in a safe place. This includes securing the house, vehicles,
bank accounts, and personal belongings.
3. Keep the utilities and mortgage paid, but cancel the non-essentials like cable and the newspaper.
4. Open an estate bank account.
5. Review all bills, and determine what must be paid now.
6. Determine if tax returns must be filed.
7. Everything must be kept separate than the Personal Representative’s assets.
8. Determine all heirs to inherit under the Will. Get approval by all to close the estate and distribute the funds.
9. You as Personal Representative could have personal liability if handled incorrectly.

This is not an exhaustive list of the duties of a Personal Representative and every case is different.

Please contact Perry Law Office, your Fort Wayne attorneys 260-483-3110 or visit us at our website.

Thank you
Perry Law Office