Planning for one’s passing may not always be something that people in Missouri like to think about, but it is still important to plan for it. People do not know when they will pass away either, so it is important for people of all ages to plan for it as well. One way people can do this is by drafting a will. When people think about a will, they most likely think about who they want to leave their property to when they pass. However, there are other aspects of a will as well.
One of these other aspects is that people need to choose someone to be the personal representative, which is oftentimes referred to as the executor of the will. This individual is the person responsible for ensuring that the property ends up with the individuals stated in the will. This is not always an easy job or process depending on the type and amount of assets that a person may possess at the time of their death. So, it is important to understand this person’s responsibilities in order to choose a good personal representative who is capable of assuming all of the responsibilities.
Duties of a Personal Representative
The duties of a personal representative include:
- Retain assets of the estate or the proceeds if the asset is liquidated
- Obtain property of the estate possessed by third parties
- Deal with any contracts the deceased was under at the time of death
- Pay debts of the estate
- Make repairs to buildings are other structures
- Ensure the assets against loss
- Sell or exercise stock options of the deceased
- Sell property of the estate
- Pay taxes and assessments
- Continue businesses of the deceased and
- Other duties to ensure the beneficiaries receive the property given to them in the will.
Wills drafted in Missouri contain more than just dictating who will receive the property. One of the most important people in the will may not be someone who actually receives property though. This is the personal representative who is assigned to carry out the will and go through the probate process with the court. Wills are very important documents and consulting with an experienced attorney when drafting a will can be very beneficial.