Personal Representative

An independent Executor ensuring the proper distribution of a decedent’s estate

Personal Representative

A Personal Representative (PR), or an Executor, is appointed by a probate court to oversee the distribution of the assets of a deceased person. A Personal Representative is required for the estate of a Decedent who died with or without a Last Will and Testament.

A Last Will and Testament specifies how the assets of a Decedent’s Estate are to be distributed to the beneficiaries… a spouse, children, other relatives, charities, or friends. The PR is responsible to accumulate and protect the Decedent’s assets and pay any valid debt obligations. Once the PR has paid any valid debt obligations, the remaining assets are distributed to the beneficiaries.

If a Last Will and Testament does not exist, the laws of each state determine who is entitled to receive the Decedent’s assets. This is sometimes referred to as a “State Created Last Will and Testament”. The PR’s responsibilities are the same whether or not a Last Will and Testament exists.

Many Estates have complicated Federal and State income or Estate tax issues which need to be addressed. The PR is responsible to handle these issues for the benefit of the estate and beneficiaries.

Is it required for an Independent Fiduciary Company to be the PR?

A family member or friend may serve as the Personal Representative in a probate Estate. If this individual is comfortable serving in this capacity a fiduciary company is not necessary. However, there are many reasons why an independent Personal Representative such as Fiduciary Solutions is needed:

No family member or friend is available and willing to act in a PR capacity
There is expectation of conflicts with family members or other beneficiaries
The Estate has complicated assets, taxes or legal issues
Need for a neutral and unbiased third party

Complete the form below or give us a call at 952-236-6525