Executor / Personal Representative
A personal representative (also known as an executor or administrator) is the person or entity who oversees your estate upon your death. They are responsible for paying your debts and the distribution of your remaining assets according to the terms of your will.Your chosen personal representative should be named in your will. Most people choose their spouse, adult child, other relative, a trust company or an attorney to fulfill this duty. Be careful to always pick someone you trust. If you have prepared a will, but have not named a personal representative, the court will appoint one for you.
The responsibilities of a personal representative include, but are not limited to:
- Filing your will with the court.
- Completing an inventory of your assets as of the date of death.
- Collecting all debts owed to the estate.
- Paying all outstanding creditors.
- Filing and paying final income taxes.
- Distributing all remaining assets to the designated beneficiaries.
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Contact Senior Options Inc.
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Senior Options, Inc. Kim Tophen P.O. Box 49097 Blaine, MN 55449 |
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Bonded and Insured Phone: 763-792-4472 Fax: 763-792-4492 Kim@SeniorOptionsInc.com |