Also known as an executor or administrator, a personal representative is Missouri’s name for a person who handles the distribution of an estate throughout the probate process. There are other tasks to complete as well, and understanding the obligations of a personal representative can help through the process.
What is a Personal Representative?
There are two ways to become a personal representative for an estate. First, the owner of the state names a personal representative in his or her will. As long as the courts find that person to be competent, he or she becomes the personal representative. The other way is to be named a personal representative by the court. In those instances, the person who died either didn’t have a will or the named representative was deemed incompetent to handle the distribution of the state and other administrative tasks.
What Does a Personal Representative Do?
Personal representatives can serve many purposes throughout the probate process. Before carrying out the will or following the court’s orders, the representative must agree to act in the decedent’s best interest with impartiality. The personal representative is, by Missouri law, required to retain the services of a Missouri probate attorney in order to preserve his or her fiduciary duty to the decedent. Once the representative is found competent and agrees to serve in the decedent’s best interest, he or she applies for a Letter of Testamentary by providing the death certificate, will, and other documentation. Then, he or she is granted a Letter of Testamentary by Missouri courts, giving the representative the authority to carry out the will.
Notifying Beneficiaries and Creditors
One of the first major tasks of a personal representative is notifying both beneficiaries and creditors of the person’s death. Beneficiaries must be notified by certified mail and kept informed of actions taken by the personal representative on behalf of the estate.
Paying Creditors, Taxes, and Other Debts
The personal representative pays any money owed by the decedent directly from the estate. That can include unpaid income taxes and other debts that the decedent was responsible for before death. Before paying, though, the representative will work with his or her attorney to ensure all claims are valid to protect the estate.
Distributing Assets and Closing the Estate
There’s more to distributing assets than simply handing out what belongs to whom. A personal representative must also take inventory of the assets, pay taxes and creditors, and reassess the value of the estate before distributing what’s left to the beneficiaries. After all debts are paid, the remainder of the estate is assessed. The personal representative will file with the court the plans for distribution before the estate can be closed, typically six months to one year after the probate process started.
Because some estates are more complex than others, your role as personal representative may include other obligations and duties. Some personal representatives have a difficult role with contested wills and other hurdles. The Mark Harford Law team is here to help guide you through the process of distributing and administering an estate. Contact us today to schedule a consultation with a member of our law team.