When an individual is named as a personal representative in a will or a trust deed to serve in an administration of a trust, there are numerous important tasks that come along with these rules. One of the most important steps that needs to be accomplished right away is to order death certificates. Getting these from the funeral director and ordering at least ten can make it quicker and less expensive than having to order copies later on.
Bear in mind that as a personal representative you may not be able to access all of the deceased’s assets right away. For example, if the will has to go through the probate process, the court would need to appoint you as the personal representative.
If you are not acting as trustee during the decedent’s lifetime, you will also need to take additional steps. One of the most critical things you need to do when considering all the roles you must play as a personal representative is to create an inventory. This is a comprehensive list of all assets inside the trust or estate and their value on the date of decedent’s death. This is the beginning value for all of the accounting.
Bear in mind that accounting will show all finances including receipts, expenses, income and distributions from the trust or estate account. Every expense matters and this is why it is important to keep a comprehensive record. Choosing the right executor is not always easy, but your lawyer may be able to help.
The right lawyer can make a big difference. Contact a Pasadena estate planning attorney today to learn more.
