What Is The Role Of A Personal Representative In An Estate Plan?
If you’re the personal representative for an estate, your job is to close out the person’s estate. You will walk through that person’s assets and make sure they’re distributed as the will describes. Or, if there is no will, you have a legal obligation to close out the estate and make sure that the estate is divided amongst the surviving heirs.
You’re responsible for paying any remaining bills out of the estate, managing the assets of that estate in a proper manner, and filing a final tax return to close out the estate. You’re also responsible for dealing with the probate court, should the probate court be involved in any decisions, and filing the proper paperwork through the probate court. Being a personal representative is a very important task for any estate. It’s imperative that you are prepared and that you understand the process for your state and your county.
Am I Rich Enough To Have An Estate Plan?
A lot of people think of creating an estate plan as this huge legal process that they have to go through. Really, an estate plan is critical, no matter what the economic status of your family. A written estate plan is just your wishes written down in a legal document. It is essential in order to keep your family out of court and out of conflict if you’re incapacitated or you die. If you die without a written plan in place, the state decides how to distribute your assets and decides where to place your children.
One of the very important things to consider about an estate plan is how it will impact you if you’re incapacitated and you’re unable to make decisions for yourself. The worst thing that could happen is you have no plan in place. You could become temporarily incapacitated and someone in your family could spend all of your money or make decisions for you that you wouldn’t make for yourself. You could end up in a nursing home that you wouldn’t go to, that doesn’t treat you well. An estate plan can detail how you’re cared for if you’re incapacitated, even temporarily. It doesn’t have to do with wealth or the amount of money in your bank account. It has everything to do with how you want to be treated in incapacity or how you want your family to stay out of conflict in the event of your death.
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