Many people are unfamiliar with the responsibilities of an executor or personal representative of a will in Madison Wisconsin. In simple terms, this person is responsible for ensuring that all assets are transferred appropriately, while also overseeing details related to the payment of debt and taxes.
When choosing an executor or personal representative, you do not have to focus solely on legal and financial professionals. This person can be a family member or friend, as long as they are trustworthy and willing to take on the responsibility.
The Many Responsibilities of an Executor or Personal Representative of a Will in Madison Wisconsin
The tasks associated with being an executor or personal representative vary from one situation to the next. In some cases, those in which there is a sound estate plan in place, this is relatively simple. In other cases, there are many challenges that must be overcome along the way.
Here are five primary responsibilities of an executor or personal representative:
1. Locate the assets of the deceased. Again, this is simple in some cases but a big challenge in others. Additionally, the executor or personal representative is staffed with managing these assets until they are distributed to the beneficiaries.
2. Who gets what? This is perhaps the biggest responsibility of an executor or personal representative. While they don’t make the final decision on who gets what, they are in charge of overseeing the process. If there is a will, the executor will have a clear idea of who will receive which assets. With no will, things are more complicated and state law will determine what happens from there.
3. File the will in probate court. Even in situations in which probate is not necessary, most states require this by law.
4. Manage day to day tasks for the time being. For example, you may need to contact the Social Security Administration to inform them of the person’s death. There are others who may also need notified, such as credit card companies, banks, and insurance providers.
5. Pay debts and taxes. Just because somebody passes on does not mean his or her debts and taxes disappear. Instead, they need to be taken care of in the appropriate manner. Creditors should be notified of any probate proceeding, and a final income tax return must be filed.
During the estate planning process you need to choose an executor or personal representative. This can be a family member, friend, or trusted professional.
If you have any questions about who you should select or how this will impact your estate after you are gone, contact us to discuss your situation. Go to KH-LAW.net to schedule your consultation.
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