Personal Representatives and Their Responsibilities Ideally, the decedent named a personal representative in his will; otherwise, the court will appoint one. The personal representative can be a spouse, family member, or professional associate.
What can a personal representative of an estate do?
As the Personal Representative, you are responsible for doing the following: • Collecting and inventorying the assets of the estate; • Managing the assets of the estate during the probate process; • Paying the bills of the estate. Making distribution to the heirs or beneficiaries of the estate.
What is the difference between executor and personal representative?
If a deceased specifically names a person or institution to act for him or her in his or her will, and if the will is accepted as valid, the named personal representative is known as the executor (male) or executrix (female). Corporate entities (banks and trust companies) are also called executors.
What happens to a personal representative in Indiana?
Sec. 7. When a personal representative dies, is removed by the court, or resigns and such resignation is accepted by the court, the court may, and if he was the sole or last surviving personal representative and administration is not completed, the court shall appoint another personal representative in his place.
Can a personal representative file for an unsupervised estate?
Instead, the personal representative must file a final statement with the court. If the decedent left a will, the personal representative or a beneficiary named in the will may file a petition for unsupervised estate administration in the probate court in the county in which the decedent resided.
What are the different types of estate administration in Indiana?
There are three types of estate administration in Indiana. These are: Supervised – A personal representative is appointed and property can’t be sold or distributed without court approval. Useful for property or will disputes, required if estate is bankrupt.
Who is responsible for paying estate taxes in Indiana?
The personal representative of an estate in Indiana must continue to pay the taxes owed by the decedent and his or her estate. These taxes may include: Planning an estate or understanding the probate laws in Indiana can be confusing, especially when taxes are involved.
