Posted on January 10, 2019
When someone passes away they leave behind their estate. Since they can no longer manage their estate someone needs to step in and take over. That person is referred to as a personal representative. The personal representative is the person who administers the decedent’s estate.
The personal representative can take one of three forms. The first is they can be appointed as the executor of the estate. The executor is the person named in the decedent’s will. There won’t be an executor if there isn’t a will. The second form is they can be appointed as the administrator of the estate. The administrator is the person who steps up to administer the estate of someone who died without a will. The third form is they can be appointed administrator CTA – that means they are the administrator with the will attached. In order to have someone appointed administrator CTA a person must have a will but the person or people who were named as the executor in the will can’t or don’t want to serve in that capacity.
The personal representative – regardless of the form they take – is charged with managing the estate. That means they collect the assets, pay the taxes, pay the debts and distribute what remains to the beneficiaries. It’s a very important job and carries a lot of responsibility. But it is very rewarding to know you helped to navigate a difficult situation.
What is an administrator CTA?
What is a bond?
Does an executor get paid?
What is an executor commission?
Can the executor hire an attorney for help?
What is an intestate estate?
What is a descendant?
Creditors and administration expenses come before beneficiaries – 1.3
A trust can take the place of the will
What is a pour-over- will
What is a pour-back-trust
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