A personal representative is an individual who is in charge of handling the financial affairs of someone who passed away. Their responsibilities include resolving any debts and dividing the assets. If you are a personal representative, you might want to reach out to a dedicated lawyer who could assist you with the probate process. An attorney could help you understand what to know about being a personal representative in Lombard.
The most important thing to consider before petitioning to be appointed a representative is to consider the family dynamic. Being a representative is often a thankless job, even though often times good intentions are surrounding the appointment. Being the person in charge of administering the estate of a loved one could put a person squarely in the middle of any disagreements or issues among family members. Those disagreements and issues may not initially remedy themselves. For example, as the administrator of a parent’s estate, representatives might find themselves in the middle of to devote to them adequately that their brother and sister might have. They may be forced to take a side or deal with those issues when otherwise they could simply stand back and not have to engage in that altercation.
Another critical consideration is time, although a representative’s lawyer would assist with many aspects with the administration of the estate, the administration of an estate is time-consuming. Being the personal representative requires various tasks be completed, such as trips to the bank, conversations with lawyers, taking steps to change titles to accounts, securing and selling real estate, and other administrative tasks. These tasks are expected of every representative, and a perspective representative should consider whether or not they have the time to adequately devote to them.
Further considerations should be made for the fact that a personal representative may be personally liable for intentional or negligent breaches of their fiduciary duty which caused damage to the estate. However, this is not an important consideration as long as they have an experienced lawyer assisting them. The assistance of an experienced lawyer would significantly reduce the risks of an action that would be considered a breach to that fiduciary duty.
If the named personal representative wants to be removed after appointed, they could resign. Usually, it is done by the signing and filing of a written resignation. However, the court would likely require a successor representative to be ready, willing, and able to take the original representative’s place. The court likely would not let a person resign unless someone else is there signing that they desire and are able to be the successor. Once the resignation takes place, the original representative would likely be required to account for all the actions to the successor representative. They would not be removed from responsibilities until there is a final account approved by the successor representative.
When a loved one dies, and a person chooses to be the personal representative, they should expect the rest of the family to be looking to them for the estate to be resolved. This means the personal representative could face a certain kind of pressure. They would be responsible for carrying out acts necessary to implement their loved one’s last wishes. They have to be prepared for that emotional part, and the use of their time to take care of everything.
Regardless of the size of your estate, becoming a personal representative is not an easy choice to make. An experienced attorney could help you understand what to know about being a personal representative in Lombard. After making your decision, reach out to an attorney that values guidance, protection, and peace of mind.
