What Roles Need to Be Filled After a Death?
There are many roles that need to be filled when settling an estate. Here are the key roles and their responsibilities that need to be filled after a death.
If you’re unsure of any of the terminology used in this article, please refer to our After a Death Glossary.
Who is in charge of this process?
The personal representative (formerly known as executor) appointed by probateProbate can refer to the process of settling the estate of a deceased person. Read More court will be in charge of all probateProbate can refer to the process of settling the estate of a deceased person. Read More assets. This is true whether or not you had a will. They are responsible to account for your assets and they act as personal representative to your heirs or devisees.
If you had a trust, the trustee is in charge of the assets in the trust, as well as the assets the personal representative transfers to the trust via probateProbate can refer to the process of settling the estate of a deceased person. Read More. The trustee is also responsible to account to the beneficiaries of the trust. Both a personal representative and trustee are responsible for hiring attorneys and other professionals to advise and assist them on the administration.
What are the roles of beneficiaries, devisees, and/or heirs?
The role of beneficiaries, devisees, and/or heirs is to stay informed on the administration of the estate or trust. The personal representative and trustee may have certain duties to keep the individuals informed as to the status of the administration. They also owe these individuals a high standard of care to manage the estate and trust assets well, in accordance with the law, will and/or trust. Through careful review of accountings, a beneficiary, devisee, or heir can ensure the personal representative and trustee are adhering to their duties.
What is the role of the attorney and other advisors?
Usually the attorney represents the personal representative and/or trustee. Their role is to advise the personal representative and/or trustee on how to adhere to the duties they owe the beneficiaries, devisees, and/or heirs. They will also usually prepare probateProbate can refer to the process of settling the estate of a deceased person. Read More court pleadings and other legal documents to keep the administration moving forward. They also typically prepare estate tax returns when required. A CPA usually prepares income tax returns for the decedents, estate, and/or trust. A financial advisor can advise the personal representative and/or trustee on how to hold assets before they are distributed.
How long does it take these key players to settle an estate and how much does it cost?
From the date of death, it typically takes over one year to fully administer an estate. This is because creditors of the decedent have one year from the date of death to file their claims against the decedent. Because creditors have one year to file their claim, we do not recommend that the personal representative fully distribute the assets until the one year has passed. There are ways to avoid paying all of the creditors if the assets cannot cover all of the debts. Otherwise the personal representative may be responsible to pay the creditors themselves. The cost can vary significantly, but in our experience probateProbate can refer to the process of settling the estate of a deceased person. Read More can cost anywhere between $1,000 to upwards of $100,000. That is a huge range, but once your attorney gets all the information, they should be able to narrow that down. Most cases end up costing between $8,000-$15,000.
Do you need assistance finding these professionals? We can fill most (or all) of these roles through our TrustCase program. We also have a great network of professionals to recommend if you need one. Feel free to reach out to us with any questions.
