When named to act on behalf of a deceased person, either by will or by court appointment, the personal representative takes on the legal responsibility to settle the estate. In essence, the personal representative takes possession of the estate property and distributes it according to the will or the law of intestate succession. In Nevada, the help from an experienced and knowledgeable Las Vegas estate planning lawyer is an important tool to get the job done.
Duties and Responsibilities of a Personal Representative
The Nevada personal representative can control a substantial amount of wealth and property, and Courts require posting a performance bond.
The personal representative owes a Duty of Impartiality and must deal with each beneficiary on equal terms unless directed otherwise in the will. The personal representative must gather the estate assets and pay the taxes and liabilities. The representative can distribute the remainder to the beneficiaries under the will or Nevada intestate succession laws. The representative must make a final accounting of all assets to the Court. Notice to creditors and the final accounting require about one year to complete for most estates. Court Appointment The court usually approves the person named as Executor in the will. When there is no will, a court will name the personal representative. (Read more about Silent Trusts here.)
The usual priority goes to a surviving spouse or adult children. Qualifications for personal representative in Nevada are simple, but the law favors Nevada residents. The person must be 21 years or older, be of sound mind, and have no record of felony convictions.
Benefits of Legal Representation By a Personal Representative
The task of personal representative can be relatively hard or easy depending on the estate and the persons involved. The personal representative remains liable for his or her conduct and mistakes and omissions. Legal assistance is very helpful to avoid missteps and errors.
The costs of legal services often come from the estate assets. Legal assistance can help in the below-listed ways.
- Completing the specific duties of the will
- Filing reports, meeting Court orders and filing dates
- Ensuring the accuracy of required reports
- Avoiding omissions and errors that can lead to personal liability
Get the professional assistance and practical advice of an experienced Las Vegas estate planning lawyer.
Call the law office of Sean Tanko or visit online today.
