what is a personal representative

A personal representative is an individual appointed to administer the estate of a deceased person. This role is also known as an executor if the deceased left a will, or an administrator if there is no will. The personal representative is responsible for managing the deceased's estate by gathering and inventorying assets, paying debts and taxes, and distributing the remaining property to the beneficiaries according to the will or the law. They act as fiduciaries, meaning they must act in good faith, with honesty, and in the best interests of the estate's beneficiaries. The appointment of a personal representative is typically made by the deceased in their will, or by a court if no will exists. The court issues legal documents (letters testamentary or letters of administration) that grant the personal representative authority to manage the estate. They may collaborate with attorneys and tax professionals to fulfill their duties. A personal representative may receive compensation for their work as outlined in the will or state law. They are also personally liable for any claims of mismanagement or fraud related to the estate. Minors, convicted felons, and certain financial institutions without fiduciary powers are generally barred from serving in this role. In summary, a personal representative is the person legally appointed to settle the affairs of someone who has died, ensuring the proper management and distribution of the deceased's estate under legal and fiduciary standards. This role is critical in probate and estate administration processes.