| Personal Representative
• Person nominated, with court approval, to settle an estate in probate. (May also be known as an executor, or administrator of an estate) • Provides an accounting to the courts, publishes information to creditors and debtors, distributes the assets according to a will or by law (absent a will), files all of the appropriate tax documents |
The personal representative attempts to settle the estate according to the wishes of the decedent. A published notification allows creditors 120 days to make their claims against the estate. After creditors are satisfied, the remaining assets are distributed to the heirs. The Personal Representative must submit an accounting for court approval prior to any distributions. |
| Case Study | |
| When Mr. Smith passes away is estate needs to be settled. Hopefully Mr. Smith has a valid a will that documents his wishes for distributing his estate. Mr. Smith's family all live outside of the area and cannot easily settle the estate. EFS is nominated as Personal Representative.
We take an initial inventory of the estate, gather all of the assets and distribute based upon Mr. Smith's will. If Mr. Smith dies without a will (intestate) the assets will be converted to cash and distributed to Mr. Smith's family. |
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