An estate\u2019s personal representative<\/a> is the individual appointed by a probate judge to handle an estate\u2019s affairs. Their responsibilities will include gathering the decedent\u2019s assets, settling their liabilities, distributing remaining assets to beneficiaries, and ultimately closing the estate. If the decedent names a personal representative in their last will and testament<\/a>, they\u2019re referred to as an executor. If the decedent did not have a will, or if the will was invalidated, the court will appoint an administrator to serve as personal representative. Most of the time the administrator is a family member who has petitioned to be the personal representative, but in some cases the court can appoint a third-party special administrator<\/a>.<\/p>\n Whether you have been named the executor or you\u2019re petitioning to be the administrator, the path to becoming a personal representative is the same\u2014you\u2019ll need to submit a petition with the county court. A hearing will be scheduled to validate the will (if the decedent has one) and appoint the personal representative. To fill out the petition forms, you\u2019ll need to know the following:<\/p>\n Begin by getting the decedent\u2019s personal information, such as their full legal name, date of birth, date of death, address, and social security number. It\u2019s also a good idea to gather important documents such as their birth certificate, death certificate, social security card, etc.<\/p>\n In the long run you\u2019ll need to know the exact value of the decedent\u2019s assets, but for now an approximation will do. Liquid assets such as bank and brokerage accounts are simple to verify with a recent account statement. Illiquid assets such as a house, vehicles, and collectibles can be more challenging. For the house, check the value of similar houses in the neighborhood that are for sale or that have recently sold. You can find the value of a vehicle pretty easily on websites such as Kelly Blue Book. For personal items like collectibles, art, and jewelry, do your best to approximate their value. After you\u2019ve been appointed as the personal representative, you can have all of these items appraised for an exact value.<\/p>\n The petition will require submitting the names and addresses of the decedent\u2019s family members, especially their spouse, children, parents, siblings, and other extended family who may have an interest in the estate. When the initial hearing is scheduled, the petitioner will need to serve notice to these family members so that they have the opportunity to attend the hearing.<\/p>\n If the decedent left a will, the court will need to ensure the document is properly drafted and signed. Any parties with evidence that the document was forged, drafted under duress, or drafted when the decedent was mentally unfit, will be allowed to contest the will\u2019s legitimacy. If the will is invalidated, or if the decedent did not leave a will, then the distribution of their estate will be subject to the state\u2019s intestacy<\/a> laws.<\/p>\n Providing there are no objections to your appointment as personal representative, the court will authorize you to handle the affairs of the estate. If there are any family members or friends who object to your appointment as personal representative, they have right to submit an alternate candidate. The judge will then determine who is best qualified to fill the position. If there are no qualified candidates, or if there is too much discord amongst family members, then the judge will appoint a third-party special administrator.<\/p>\n If there are no contests to the will or to the personal representative, the probate proceedings will proceed as informal probate<\/a>. The personal representative will be free to carry out their duties without the supervisions of the court. The court\u2019s only interaction would be a final approval when the estate is ready to be closed. However, if there are contests\u2014now or at any point during probate\u2014the estate would be subject to formal probate. With formal probate, there can be significantly more supervision by the court.<\/p>\n Whether probate is formal or informal, the process is generally the same (again, the primary difference being the level of court supervision). The personal representative will have three primary responsibilities:<\/p>\n You should already have a general idea of the estate\u2019s assets from the initial probate petition. Now, you\u2019ll need to figure out the exact values. If bank and brokerage accounts have changed in market value, start by adjusting those. You\u2019ll need to hire an appraiser to value real estate, and you may need to hire an expert to appraise the value of personal possessions such as art, jewelry, and collectibles. Any out-of-pocket costs for appraisals will be covered by the estate, not the personal representative.<\/p>\n Once you have a firm grasp of the estate\u2019s value, it\u2019s time to tackle the liabilities. Address the decedent\u2019s liabilities in the following order:<\/p>\n If the estate doesn\u2019t have enough assets to cover its liabilities, the estate is considered insolvent. In such cases, all assets would be sold to cover as much of the liabilities as possible (in the previously-mentioned pecking order), and the beneficiaries would not receive any assets.<\/p>\n When it comes to transferring a decedent\u2019s assets, there are two types of assets\u2014probate assets, and non-probate assets. As the name implies, one group will need to transfer through probate court, while the other can pass to the proper beneficiaries outside of the probate process. The following assets are subject to probate:<\/p>\n Probate assets will be transferred according to the instructions in the decedent\u2019s will. If the decedent did not have a will, then these assets will be subject to the state\u2019s intestate succession laws. Intestacy generally favors spouses<\/a> and children, but if the decedent did not have a spouse or children it can direct the assets to the decedent\u2019s parents<\/a>, siblings, nieces and nephews, or extended family.<\/p>\n Non-probate assets usually have a contractual beneficiary built into the account. The financial institution holding the assets will transfer the account directly to the beneficiary as soon as they receive a copy of the death certificate. Obviously, this is much easier and faster than enduring probate. Non-probate assets include:<\/p>\n\n
The decedent\u2019s personal information<\/h4>\n
The Estate\u2019s Asset Value<\/h4>\n
The Decedent\u2019s Family Members<\/h4>\n
What Happens at the Hearing?<\/h4>\n
What Happens After You\u2019ve Been Appointed Personal Representative?<\/h4>\n
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Gather the Assets<\/h4>\n
Settle the Liabilities<\/h4>\n
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Distribute the Remaining Assets<\/h4>\n
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Do You Need Help with Probate Matters?<\/h4>\n