Guide for Personal Representatives

The Estate Settlement Process for Personal Representatives

The estate settlement process involves several steps following an individual's passing, with the probate court designating a personal representative to manage asset transfer to beneficiaries or heirs. Key points include:

• Role of the Personal Representative: Adhere to the deceased's will and fulfill fiduciary responsibilities.

• Asset Categories:

  • Probate Assets: Assets solely owned by the deceased.

  • Nonprobate Assets: Include trust assets, jointly owned properties, and assets with designated beneficiaries.

• Initial Steps:

  • Gather information on the deceased's assets and debts.

  • Compile a contact list for institutions to assist in transferring assets.

  • Inform trustees of any discovered trust assets and determine care for any pets.

• Probate Process:

  • The attorney will file necessary documents in court, including the original will and applications to initiate probate.

  • Wait for court's Letters Testamentary or Letters of Administration to act as the representative.

  • Open an estate checking account for managing payments and distributions.

• Handling Assets:

  • Create an inventory of probate assets and notify interested parties.

  • Maintain cash reserves for expenses before distributing assets.

  • Distribute assets as per the will, considering tax implications and necessary appraisals.

• Nonprobate Assets: While not the representative's responsibility, assistance may be offered to beneficiaries for the transfer of these assets.

• Real Estate and Business Interests: Follow any specific instructions in the will for property management, or make decisions based on beneficiaries' needs.

Our office can effectively address any legal questions for Personal Representatives If you have any questions, please fill out the following form below and a Probate lawyer from our office will get back to you.