| Home Attorney Profile Practice Areas Personal Injury FAQ Resources Accident Form Articles Contact Us |
 |
|
FAQ for "Personal Representatives"
(formerly "Executors" )
A Personal Representative (PR) is a Fiduciary. Fiduciary ~ A person or institution that is legally responsible for the management, investment, and distribution of funds, i.e. a Personal Representative under a Will, a guardian or the trustee identified in a trust. What is a Personal Representative? A Personal Representative (formerly known as an executor) is the person named in a will to be in charge of probating the decedent's Last Will and Testament and winding up the person's financial affairs after death, taking care of property, paying bills and taxes, and seeing to it that assets are transferred to their new rightful owners. Does the person named in a will as Personal Representative have to serve? No. A Personal Representative can accept or decline this responsibility. And someone who agrees to serve can resign at any time. That's why you should name an alternate Personal Representative in your Last Will and Testament. The alternate Personal Representative can fulfill the duties if Personal Representative you name is unavailable or unwilling to serve. If no one is available, the court will appoint someone to step in. Does a Personal Representative get paid? The main reason most people serve as a Personal Representative is to honor the deceased person's request. But the Personal Representative is also entitled to payment. In Georgia, the amount is generally 2½ for sums of money collected and 2½ for sums of money paid out. The exact amount is affected by factors such as the value of the deceased person's property and what the probate court decides is reasonable under the circumstances. Commonly, close relatives and close friends (especially those who are inheriting a substantial amount anyway) do not charge the estate for their services. David Danda is an attorney, comedian and national marketing coach and columnist who helps businesses market more effectively by leveraging technology. He can be reached at 770.938.0977, or through his website at www.daviddanda.com. You may reproduce and distribute this copyrighted© material provided the author is appropriately identified. Author PERSONAL INJURY FAQ | CONTACT US | RESOURCES | ARTICLES Any information you may obtain from this site is not, nor is it intended to be legal advice. You should consult an attorney for individual, specific advice regarding your own situation. You may reproduce any of the materials available on this site for your own personal use and for non-commercial distribution. All copies must include the following copyright notice. COPYRIGHT 2009 © David E. Danda, P.C. • Atlanta, GA 31141 |
|