Many times, estate planning attorneys get calls from those appointed as personal representatives, as they often inquire about what they are legally required to do.

A personal representative can be referred to as either an executor (executrix if the person is female) or an administrator (administratrix if the individual is female).

What Is The Difference Between An Executor & An Administrator?

An executor (or executrix) is the individual whom a deceased named in their Will and is responsible for administering their estate. The executor's role is carrying out the instructions for managing the wishes and affairs of the deceased's estate.



An administrator (or administratrix) is appointed by the court to administer the estate if someone dies without a Testament and Last Will. The role of an administrator is to ensure that a deceased person's financial affairs are satisfactorily managed and that their estate is distributed under the law.

What Are The Duties Of A Personal Representative?

Here are several duties of a personal representative while also carrying out the administration of an estate:

• Distributing assets lawfully

• Inventorying assets of the estate

• Filing the required tax documents

• Filing the required paperwork in the probate process

• Maintaining specific estate assets so as not to diminish their value

• Providing required notices to the beneficiaries and other interested parties

• Paying the deceased person's valid debts and liabilities at the appropriate time

• Undertaking to defend the estate's interests in the event a lawsuit is filed against the estate

3 Important Things To Know About Being An Executor

1. The executors do not receive the full authority until the Will is admitted to the record. An executor files a bond and takes an oath in the court where the record is made.
2. While people might know in advance that they have been named in the Will as an executor, they still cannot begin distributing or inventorying assets immediately, as they have to follow the correct court process.
3. If an individual has been designated as an executor and does not want to fulfill the role, he can refuse. In this case, the alternate executor will be responsible for the ensuing duties. If no alternate is named, the court will appoint the administrator.
   

What Does A Personal Representative Get For Their Services?

A personal representative often asks the estate planning attorney what he or she will get in return for serving as a personal representative.

The compensation of an executor or administrator for their services must not exceed 5% of the value of the deceased's personal estate, plus 5% of the income that is collected by the executor or administrator for the estate.

If the personal representative proves that they have performed services for the estate that are beyond what is usually required, the court may award additional money.

Takeaway

Serving as a personal representative is something that must not be taken lightly. So, if you are appointed as an executor or administrator, consider contacting an estate planning attorney.

An executor or administrator is under the jurisdiction of the probate court. Both are fiduciaries, which means they have been given the highest duty of responsibility and trust that the law could impose.

Interested In Working With Us?

If you need any help regarding your business or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.