Personal Representative of a Will

As the Personal Representative of an Estate (also called an Administrator or Executor), it is your responsibility to gather information, documents, and inventory all assets at the time of the decedent’s death. You will need a document called a Short Certificate or Small Estate Affidavit to provide the Court’s approval of your appointment as Personal Representative. You may need to seek legal counsel or go to the Court to obtain this document and learn other specific filing requirements to fulfill your obligations as Personal Representative. You will not be able to complete your responsibilities as Personal Representative without this document.

As Personal Representative of a Pourover Will as part of an estate plan involving a Revocable Living Trust, you have a fiduciary duty to act in the best interests of all beneficiaries. Your fiduciary duty is the same as that of a Trustee. 

As Personal Representative of a Full Will, you have what is called a fiduciary duty.  

A fiduciary duty is the legal responsibility of a person who has accepted the duty of acting for the benefit of another. Obviously, this requires integrity and prudence in dealing with the property entrusted to the fiduciary. Breach of a fiduciary duty can result in personal liability (e.g., the fiduciary’s personal funds may be required to remedy the breach).  

It is a Personal Representative’s fiduciary duty to manage and distribute the Estate assets for the benefit of the beneficiaries of the Estate, in good faith and according to the instructions contained within the Trust document. A fiduciary acts in good faith so long as they do not act (or fail to act) out of intentional wrongdoing, with indifference to the beneficiaries’ best interests, or in the fiduciary’s own improper personal interest. 

Remember, you are safeguarding the Estate’s assets for the benefit of the Estate’s beneficiaries. You cannot mix Estate assets with your own or use Estate assets for your own benefit unless the Will authorizes it.    

It is also your responsibility to ensure that all outstanding debts have been paid, distribute any remaining assets to the named beneficiaries, and start the probate process (if applicable). In some cases, administering an Estate may be subject to probate and Court intervention.

Executor’s Duties and Responsibilities: When you serve as Personal Representative, you may act for and conduct business on behalf of the Estate. If you serve as co-Personal Representative, you may need both Personal Representatives to act together. Here are a few important duties and responsibilities of a Personal Representative: 

  1. Administer or manage the Estate according to the requirements of the Will;

  2. Protect and preserve Estate property;

  3. Treat all beneficiaries the same (unless the Will authorizes otherwise);

  4.  Take care to invest Estate assets prudently with minimum risk; and

  5.  Keep accurate records, file Estate tax returns, and report to the beneficiaries as the law or Will requires.

As Personal Representative, it is common to hire professionals for guidance, specifically for any accounting and investment questions. An attorney, for instance, can help with any legal questions or concerns. However, the ultimate responsibility for management of the Estate and its assets falls onto you as Personal Representative.

To make an appointment, please contact Elle Van Dahlgren Law, LLC by calling 302-407-5009 today.