One of the most intimidating things when dealing with death and the affiliated personal affairs is estate planning. There are so many legalities and intricate details to make sure every asset is accounted for and every line is signed, it can be nearly impossible to handle on your own. This is why attorneys like Checkett, Pauly, Bay and Morgan exist. To bridge the gap between the intimidating, but necessary, facets of estate planning and management.
Selecting an Attorney
The selection of an attorney is crucial when it comes to such personal matters. Your lawyer will act as a personal representative in all negotiations and affairs. The personal representative of the estate (usually called the executor) is the person or organization designated to manage the estate of the deceased.
As a trustee, the personal representative must liquidate and distribute the deceased’s estate as efficiently as possible in accordance with the instructions outlined in the deceased’s will and probate and/or the state’s probate law. This is usually (but not always) the place where the deceased lived when they died. Although the procedures vary from place to place, the approach is generally the same across the board.
Duties of a Personal Representative
The main duty of the personal representative is to protect the inheritance, assets, and personal effects in a manner consistent with the wishes of the deceased. Although this may seem relatively simple, it is important to let the personal representative understand the responsibilities associated with the position. Failure to comply with the duties and responsibilities set by the deceased may lead to litigation against private representatives of real estate for failure to fulfill fiduciary duties.
Generally speaking, personal representatives are responsible for opening real estate, collecting real estate assets, protecting real estate, preparing real estate inventory, paying various real estate expenses, valid claims against real estate (including debts and taxes), making claims against third parties on behalf of the real estate and ultimately assigning real estate to the appropriate beneficiaries.
Whether the personal representative was assigned by the individual prior to their passing or is appointed by a family member post-mortem, it’s crucial to choose someone with a good reputation who can be trusted. This individual will take charge of separating all assets of the deceased and delegating them accordingly. For most, this is the way their final wishes are carried out. To honor the individual and their intentions, choose an attorney you can trust as your personal representative.
Estate Planning Attorneys at Checkett, Pauly, Bay & Morgan
Talk to the estate planning attorneys at Checkett, Pauly, Bay & Morgan, LLC, about some tips for planning your estate. Contact our law firm online or call (417) 358-4049 for more information.