What is Personal Representative?
Personal Representative is a person or entity appointed to handle the assets of a person who has died. They are agents for the property's recipients and must operate in reasonable care, with sincerity, dedication, and transparency, and in the collective interest of the beneficiaries.
Understanding Personal Representative
This representative's principal aim is to secure the property in accordance with the decedent's intentions. Even if it may seem to be a simple task, it is actually a critical job. The Personal Representative understands the roles that come with the responsibility. Inability to implement these commitments could lead to legal action being filed against these representatives of the property for breach of confidentiality.
In general, one of these representatives is in charge of accessing the property, gathering the property's resources, preserving the inheritance property, arranging a stockpile of the assets, paying respective property expenditures, relevant claims (such as loans and tax payments) against the property, reflecting the property in claimants against the others, and finally transferring the estate premises to the suitable heirs.
The Personal Representative may allocate the resources in accordance with the contract of the Will or the country's court rules once all of the assets have been gathered and all claims have been met. The property is declared closed once the judge confirms the statement of account and the resources have been transferred. These representatives' duties expire during that moment.
Practical Example
This representative is someone who has the decision-making power on behalf of someone else. For example, A person named David is very sick or not conscious so he gave the responsibility to another person named Layna to make decisions for him. Layna, who is a personal representative in this matter, has the authority to act, which permits her to make decisions on behalf of David when undertaking financial and legal matters.
In Sentences
- The personal representative's job is to make sure that all of the property's activities are completed correctly and on schedule.