Role of a Personal Representative in Bethesda

The role of Personal Representative in Bethesda can be complicated and detailed. A Personal Representative has a fiduciary obligation in marshaling the assets on behalf of an estate. The position itself can be paperwork intensive and time-consuming, depending on the planning of the decedent prior to death and the nature and assets of the estate.

A Bethesda estate attorney can you streamline the responsibilities of being a personal representative.

Responsibilities

Many individuals mistakenly believe that the larger the estate, the more time-consuming the probate process. However, estate administration is often prolonged not only by the value or size of the estate, but rather by the number of accounts and assets. For example, if a decedent had several million dollars in one account, their assets may be easier to marshal than would be those of a decedent who had $100,000 distributed amongst several accounts. Thus, individuals should be aware that a large estate does not necessarily entail significant work, just as a small estate does not necessarily entail minimal work.

An individual serving the role of Personal Representative in Bethesda of an estate should be prepared for the emotional impact of fulfilling such a role. Often, a Personal Representative must navigate the relationships between the family the decedent left behind. Family disputes that arise during the probate process can impact the Personal Representative’s ability to efficiently distribute assets. Moreover, if the Personal Representative was close with the decedent, their own grieving process can affect their ability to act on behalf of the estate. Such emotional relationships often take Personal Representatives by surprise, and should be considered before the probate process is initiated.

Time Commitment

Generally, estate administration takes about one year. The time commitment required of the Personal Representative of an estate depends upon the nature of the assets and the nature of the estate. Some estates require only a minimal time commitment, as the decedent conducted significant estate planning prior to death. For other estates, the time commitment can be extensive.

An estate process may be prolonged if the Personal Representative is unfamiliar with the assets of the decedent, or if disputes arise regarding the distribution of the assets. In some cases, the Personal Representative may be tasked with cleaning out the decedent’s house or locating the decedent’s loved ones or children. As such factors are relatively unpredictable, it is difficult to anticipate the exact time commitment required of an estate’s Personal Representative.

Financial Responsibilities

Generally, the role of the Personal Representative of an estate in Bethesda is not to be financially responsible for any of the expenses or debts of the decedent. However, it is important to note that the Personal Representative’s travel expenses are generally not included as an estate expense. Similarly, other expenses, such as postage, are considered to be reimbursable to the Personal Representative as a commission, if permitted by the Court and/or the residuary beneficiaries of the estate. While the Personal Representative may be permitted to take a commission for these expenses, such a commission is considered taxable income.

Working with an Attorney

If an individual is nominated or has priority to take on the role of the Personal Representative of an estate in Bethesda, they may wish to speak with an estate planning attorney as soon as possible after the death of the decedent. This is important, as there are a number of deadlines associated with the probate process. Therefore, the sooner an executor hires a Bethesda attorney, the sooner they can assist with the probate process and all responsibilities that process entails.