A personal representative is a person who is legally appointed to manage the estate of another person who has died. The personal representative is responsible for administering the estate, which includes paying the debts of the deceased person, distributing the assets of the estate to the beneficiaries, and filing any required tax returns. If the deceased person left a will, the personal representative is typically named in the will. If the deceased person did not leave a will, the personal representative is typically appointed by the court. What an executor Cannot do? An executor is a person who is responsible for carrying out the terms of a will. An executor cannot change the terms of the will. An executor also cannot make changes to the estate without approval from the court.
Why is a personal representative known as a fiduciary? A personal representative is a fiduciary because they are tasked with managing the estate of another person. This includes managing assets, paying debts, and distributing assets to beneficiaries. As a fiduciary, the personal representative is held to a higher standard of care than a normal person would be in managing someone else's affairs.
Can a trustee also be a beneficiary?
Yes, a trustee can also be a beneficiary of a trust. However, there are some potential conflicts of interest that could arise if the trustee is also a beneficiary. For example, the trustee may be tempted to make decisions that are not in the best interests of the trust in order to benefit themselves. It is important to choose a trustee who you trust to act in the best interests of the trust and all of the beneficiaries.
How long does it take to get inheritance money from a trust? The answer to this question depends on a number of factors, including the terms of the trust, the jurisdiction in which the trust is located, and the trustee's discretion (if any) in distributing the trust's assets. In general, however, it is typically taking several months to a year to receive inheritance money from a trust.
Who applies for probate if no will? Probate is the legal process of distributing a deceased person's assets. If the deceased person left a will, the executor named in the will is responsible for distributing the assets according to the instructions in the will. If the deceased person did not leave a will, the court will appoint an administrator to distribute the assets according to the laws of intestate succession.