A personal representative in a probate proceeding is a person who has been appointed by a court to manage the estate of a person who has passed away. If you have been asked to be a personal representative, that means someone is trusting you to settle their final affairs and make sure that their wishes are respected. This is a serious task, and it comes with serious responsibilities.
If you will be serving as a personal representative, it is important that you understand what your duties entail and that you understand how to manage the estate legally. At Estate and Probate Legal Group, our attorneys can tell you what to know about being a personal representative in Oak Brook.
What Is Probate?
To serve as a personal representative in Oak Brook, it is important to understand what the probate process is for. Probate is a court-supervised legal proceeding through which the estate of a deceased person is administered. This involves identifying, locating, and managing assets that belonged to the deceased, paying their debts, taxes, and other obligations, and distributing what remains to the beneficiaries named in the will. If there is no will, the assets will be distributed according to Illinois intestacy law.
A probate case is usually opened in the county court where the person who passed away lived. Not every case will require probate, but if it does, there are two main types: limited supervision and full supervision. Most cases are the limited supervision type. After a case is opened in the appropriate court, a judge will simply review and approve the final accounting filed by the personal representative. In a full supervision case, the court will be more involved. However, this is usually only necessary if there are special circumstances like a dispute regarding the will.
What Are Your Responsibilities as a Legal Representative?
No matter if it is a limited or full supervision probate case, the judge will appoint a personal representative in Oak Brook. This is an important legal responsibility that requires the person appointed to act in the best interests of the estate and its beneficiaries.
The duties of the personal representative include:
- Identifying, securing, and managing estate assets
- Notifying heirs and creditors
- Paying taxes and any other valid claims in the correct order according to Illinois law
- Distributing assets to the correct beneficiaries
- Preparing a final accounting for the court
These are serious responsibilities that, depending on the estate, can be very time-consuming. Fortunately, Illinois law says that personal representatives may receive reasonable compensation from the estate for their work. The amount they receive varies based on how complex the estate is and how much time the duties take. Furthermore, a personal representative can hire their own lawyer to help them navigate the legal complexities of settling an estate and to make sure they are complying with all of their fiduciary responsibilities. Though it is not a requirement, having access to legal advice can prevent potential problems and delays in the probate process and give peace of mind to the person acting as the representative.
Were You Appointed as a Personal Representative? Reach Out for Legal Help With Oak Brook Probate Responsibilities
Being a personal representative can be an honor, but it is also a lot of work. If you have questions about how to carry out these important duties, it is wise to seek legal advice from an attorney experienced with probate matters. And, should an estate dispute arise during the probate process, you will be glad that you have counsel you can trust on hand.
At Estate & Probate Legal Group, our lawyers can tell you what to know about being a personal representative in Oak Brook. Contact us today to set up an appointment.