Personal Representative Estate Checklist
When to read the personal representative checklist?
This Checklist should be read in conjunction with a separate article entitled The Personal Representative. Before jumping into the list below, it might be useful, at the risk of being redundant, to identify a few principal, ongoing tasks of the PR. These are things that the estate attorney or other advisor will in all likelihood rely on you for:
How do I set up an estate checking account?
Open an estate checking account with a unique estate EIN number and letters testamentary or court order. Order checks for the estate account. Maintain clear and concise written records of all transactions of any account. File for any life insurance claims payable to the estate. Collect any investment accounts payable to the estate.
How do you deal with an estate account?
Order checks for the estate account. Maintain clear and concise written records of all transactions of any account. File for any life insurance claims payable to the estate. Collect any investment accounts payable to the estate. Close all personal checking, savings, and investment accounts payable to the estate.
What are the responsibilities of a personal representative in probate?
The Personal Representative (or executor or administrator) is responsible for collecting, inventorying, accounting for, and ultimately distributing the assets of a probate estate. The to-do list can get quite long, and you might be looking for a list of your responsiblities.
Is there a personal representative checklist for probate in South Carolina?
The purpose of this personal representative checklist is to provide general information, not provide specific probate legal advice. The law constantly changes and is subject to differing interpretations. Always consult with your South Carolina probate attorney and act only on his or her advice.personal representative estate planning
Is a personal representative the same as a trustee?
So, while not every Trustee is a Personal Representative when it comes to Wills & Estates law, a Personal Representative is always the Trustee of the Estate property until such time as it is distributed unless the Will stipulates otherwise. We’re Happy to Answer Your Questions!personal representative estate settlement
What happens if you don't have a personal representative in probate?
They might also have left a will but neglected to have named a personal representative, or the personal representative is unable or unwilling to serve. The probate court will appoint an administrator in these situations. Ideally, you'll name a personal representative in your will and that individual will be able and willing to serve.
What is the role of a personal representative in estate planning?
You'll be asked to name a number of fiduciaries when you set up your estate plan—people who will be given legal responsibility to act in your estate's best interests. One of these is your personal representative, the individual who will be responsible for settling your estate and guiding it through probate.
What does it mean to settle an intestate estate?
An administrator commonly settles intestate estates—those where the decedent died without leaving a valid last will and testament. They might also have left a will but neglected to have named a personal representative, or the personal representative is unable or unwilling to serve.
Can a personal representative sell real estate owned by the estate?
But, in some situations the Court requires the personal representative to ask the Court’s permission to sell real estate or business interests owned by the estate. The personal representative cannot do any of the following things without the Court’s permission:
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