Executor Assignments And Fidelity, What Are Those?
The Executor or Executrix of an estate many times finds themselves faced with the job of being the Personal Spokesperson of the Probate of the estate, a legal process that involves the accounting of the assets, liabilities and taxes.
Below you will find a general list of the duties and liabilities of the Personal Representative. These assignments and liabilities may vary depending on your state and county. This site does not furnish legal advice.
Obligations & Liabilities of Personal Representative When the court designates you as personal representative of an estate, you become an officer of the court and assume certain duties and obligations.
Note: For more information on the this subject, obligations of the trustee, click on the link Probate Court.
A legal practitioner is often sought for advise on these subject matter but is not required. You should however grasp the following:
1.Supervisethe Estate’s Assets
a. Prudent investments
b. Keep estate assets separate
c. Interest-bearing accounts and otherholdings, except for checking accounts intended for ordinary management expenses.
d. Other limitations There are many other limitations on your to deal with estate property.
2. Inventory of Estate Property
a. Track downthe estate’s property You must attempt to and take possession of all the decedent’s property to be administered in the estate.
b. Specify the value of the property This can be done yourself or you can refer to a professional to assist you.
c. Final a checklist and appraisal You must file with the court a logand appraisal of all the assets in the estate.
d. File a change of ownership At the time you file the inventory and appraisal, you must also file a change of ownership statement with the county recorded or assessor in each county where the decedent owned real property at the time of death.
*** Words of Wisdom ***
If you do not understand the duties, you have the right to refuse the position. No court will force you to do something that you are not prepared to do. Instead, the court will appoint someone who does understand and is prepared to properly serve in that capacity.
3. Notice to Creditors
You must mail a notice of administration to each known creditor of the decedent within two to four months after your appointment as personal representative.
4. Insurance
You must mail a notice of administration to each known creditor of the decedent within four months after your appointments as personal representative.
5. Record Keeping
a. Keep accounts You must keep complete and accurate records of each financial transaction affecting the estate. You will have to prepare an account of all money and property you have received, what you have spent, and the date of each transaction. You must describe in detail what you have left after the payment of expenses.
b. Probate Court review, your account will be reviewed by the court. Save your receipts because the court may ask to review them. If you do not file your accounts as required, the court will order you to do so. You may be removed as personal representative if you fail to comply.
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