An personal representative is a person or entity you choose to carry out your last wishes outlined in your will. Your personal representative should be someone you trust is responsible enough to manage your estate after you pass away.
Choosing an personal representative is a big decision when it comes to estate planning. So, what should I know about an personal representative? What should I consider before naming an personal representative? Here are answers to three common questions about personal representatives.
Can an personal representative Decide Who Gets What?
No. In most circumstances, an personal representative cannot decide who gets what property. personal representatives are responsible for carrying out the testator’s wishes as outlined in the will.
However, if the testator (the person who made the will) did not distribute all their assets in their will, the personal representative may be able to decide how to distribute the unassigned property.
Can an personal representative of a Will Be a Beneficiary?
Yes. An personal representative can also be a beneficiary of the will. It is common for people to have their surviving spouse or children act as the personal representative of their estate. This choice can be cost-effective if you have a small or simple estate.
Another benefit of having a family member act as the personal representative of your estate is they are familiar with your wishes. They know you, and they understand how you want your assets divided. If you forget to state where property goes in your will, an personal representative that knows you well is more likely to give those assets to the correct beneficiaries.
How Long Does the personal representative Have to Pay the Beneficiaries?
The short answer is: It depends. The personal representative should work diligently to get each beneficiary paid as soon as possible.
While the personal representative is responsible for ensuring beneficiaries receive the money or property they were left in the will, the probate process may delay beneficiaries from receiving a payout. Depending on the size of the estate and the debts and taxes the estate owes, it may take anywhere from six months to more than one year for a beneficiary to receive an inheritance.
The probate process varies depending on the state, but the typical process goes like this:
- Submit the Will for Probate — Part of the personal representative’s responsibility to the estate is to file the will with the probate court. Filing the will begins the probate process. Once completed, the beneficiaries are one step closer to receiving their inheritance. The time personal representatives have to file a will with the probate court varies by state.
- File an Inventory — An inventory of estate assets is required. As part of an inventory, the personal representative determines the total value of all estate property, money, and other assets. A completed inventory can then be used by the personal representative to determine whether federal or state taxes apply, or whether assets will be used to settle debts.
- Pay Taxes and Debts — Before the personal representative can distribute any assets to beneficiaries, estate debts and taxes must be paid. The personal representative is responsible for ensuring these payments are made.
Contact Your Attorney
Creating a complete estate plan can be overwhelming. With the help of your estate planning attorney, you can ease some of the anxieties you may be facing in thinking about estate planning.
Author Bio
Kellen Bryant, Esq.
Founder
Florida Bar Board Certified Elder Law Attorney, Kellen Bryant focuses his law practice on advising and helping caregivers with a particular focus on asset protection and preservation from long-term care costs, creditors, and predators. Kellen Bryant is AV Preeminent® Rated, meaning his attorney peers rated him at the highest level of professional excellence. Kellen Bryant was nominated and selected as a Super Lawyer, Rising Star: 2022.
