Executor: A person named in the will as their personal representative. You name these key representatives in your estate plan using testamentary or trust documents. But it`s a bit more complicated than that. You are usually the trustee of your trust while you are still alive, with capacity. Then, after your death, the same person could be appointed as both a personal representative and trustee. In cases where there is a custody regulation, the personal representative is the parent(s) who can make decisions about health care for the child after the custody order. In the United States, the Office for the Administrative Review of the Detention of Enemy Combatants appointed a Personal Representative (CSRT) to meet with each detainee still in extrajudicial detention at the United States detention centers at Guantanamo Bay in Cuba in August 2004, when the Supreme Court forced the Department of Defense to begin convening combatant status review tribunals. Such a personal representative is more of a tutor ad litem. Once the letters of appointment of the personal representative have been issued, the court still has the power to revoke them if they should not have been issued in the first place. Common reasons include: Once permission is granted, the executor receives letters of will (or letters of intent for an administrator) giving the personal representative the authority to act on behalf of the deceased. Unless expressly authorized by the court or will, the personal representative does not normally have the duty or authority to operate a business owned by the testator.
If he does so without express authorization, the personal representative is personally liable for any losses and is personally responsible for the reimbursement of profits resulting from this transaction. See, for example: In re Kurkowski`s Estate, 409 A.2d 357 (Pa. 1979). A provider or plan may choose not to treat someone as your personal representative if they have reason to believe that the person could expose you to situations of domestic violence, abuse or neglect. A waiver is usually made by the surviving spouse or another family member. The waiver of compensation is generally for tax savings, since the income earned by the personal representative is taxed for him as personal income. Of course, if no compensation is paid, the estate cannot deduct these expenses. The absence of a deduction may not be relevant to the estate if it is not subject to estate tax anyway. There are a number of types of personal representatives, including: In common law jurisdictions, a personal representative or legal personal representative is a person appointed by a court to administer another person`s estate. If the estate is a deceased person, the personal representative is either an executor if the deceased left a will, or an administrator of a legal estate.
[1] In other situations, the personal representative may be a tutor or curator or other position. As a fiduciary, a personal representative has the duties of loyalty, openness or honesty and good faith. In the United States, Punctilio of Honor, or the highest standard of honor, is the level of consciousness to which a director must adhere. [2] To be appointed as a personal representative, a person must have legal capacity. Most States have a hierarchy for the appointment of the personal representative. For example, the order under the UPC is as follows: A personal representative or legal personal representative is the executor or administrator of the estate of a deceased person. Personal representatives act as trustees of estate beneficiaries and have a duty to act in good faith, with honesty, loyalty and openness, and in the best interests of the beneficiaries of the estate. The law requires personal representatives to follow the terms of the deceased`s will, if the deceased had one. If the deceased person died without succession, the personal representative acts as administrator of the legal estate. The authority of the personal representative is linked to the need to comply with fiduciary duties and standards of conduct that apply to trustees in general, such as: As part of administrative tasks, the personal representative must legally inform known creditors and potential creditors of the death of the deceased. Creditors usually have a prescribed time limit (six months in Maryland) to file claims against the deceased`s estate.
At the end of this period, the personal representative must pay all legitimate claims against the estate. Failure to file a claim against the estate within the prescribed period forever excludes a creditor`s future claims (but not all state and federal claims). It should be noted that before payment, the personal representative must check the validity of all claims against the estate. Compare that to signing the contract: "Darrell Humphries, executor." The latter method of signing the contract does not exclude Darrel`s personal liability, unlike the former. First of all, the personal representative must open the succession by submitting the request for inheritance documents. This requires the presentation of an original death certificate as well as certain other documents to the register of wills (or the competent court). In general, an estimate of the death value of the estate assets must also be submitted. Once the estate is opened, the personal representative receives the necessary comfort letters giving him or her legal authority to act on behalf of the estate. Until these letters are received, it may be difficult for designated personal representatives (as well as any other family members) to gather information about the assets of the deceased`s estate. Your will, or "will" for short, names your personal representative, also called an executor. A will also names the beneficiaries or who will receive your property after you leave. A guardian for young children can also be named in a will.
The tutor and the personal representative can be different people. The person you trust to manage your finances and submit the right documents may be different from the person you trust when caring for your children. The personal representative of a minor child is usually the parent or legal guardian of the child. State laws may affect guardianship. Basic estate planning documents typically consist of a will, disposition of remains, continuing power of attorney, living will, revocable life trust (if required), and the HIPAA authorization form. Just to clarify: we assume you have both a will and a trust here.