| The personal representative of an estate |
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| Friday, 16 July 2010 13:27 | |||
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When an individual passes, leaving behind assets such as property, probate may be required to legally distribute the assets to the beneficiaries. If the decedent had a will, it is likely that a personal representative was named in the will. If there is no will, the surviving spouse is generally the first choice as personal representative. If there is no will and no surviving spouse, the heirs may select a personal representative. A personal representative, also known in other jurisdictions as an executor or administrator, is the person or entity appointed to be in charge of the administration of the decedent’s estate. A personal representative can be an individual who is either a Florida resident or a close relative of the decedent. Certain trust companies and banks may also serve as personal representatives. When naming a personal representative in your will it is important to keep in mind that upon your passing this person will have access to all of your property. Thus, your personal representative must be someone that you believe to have integrity. It is also important to consider that this person will have to interact with financial institutions, attorneys, accountants and so on. The role of the personal representative is integral in the probate process and is often quite time consuming. As such, the personal representative is generally entitled to receive compensation for his or her services. The amount of compensation may be stated in the will, or the beneficiaries may agree on an amount, or the Judge may determine the compensation. The personal representative is required to identify and provide an inventory of all of the decedent’s property as well as determining any debts. The personal representative must also file the tax return and pay any required taxes. The personal representative must pay the valid debts of the decedent and distribute the property as provided for in the decedent’s will or by law.
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| Last Updated on Wednesday, 15 June 2011 16:35 |




