Diving headfirst into the world of probate law following the loss of a loved one can leave you feeling overwhelmed. If it falls to you to serve as an executor or administrator (in Missouri, a “personal representative”) of the deceased’s estate, you are likely filled with questions: What does the role require? What are the challenges involved?
It’s vital you comprehend the magnitude of the responsibility you’re undertaking. This understanding is not to scare you but rather to prepare you for the obligations ahead. Being adequately informed will help you navigate the intricacies of the probate process.
Executor, Administrator, Personal Representative: What’s the Difference?
While their responsibilities are virtually alike, the difference between an executor, an administrator, and a personal representative is primarily on how they are appointed. An executor is chosen by the deceased person in their last will and testament. Conversely, an administrator is appointed by the probate court when no will exists, or when the designated executor is unable or unwilling to serve. In Missouri, the term “personal representative” is used to refer to both roles in one umbrella term.
Responsibilities of an Executor or Administrator
1. Initiating the Probate Process
As a personal representative, your first responsibility is to locate the will and present it to the probate court – this begins the probate process. If appointed, the representative will be issued “Letters Testamentary,” a formal document needed to prove his or her authority to act.
If there is no will (a situation referred to as “intestate”), the court will appoint a personal representative under what are referred to as “Letters of Administration.” Subsequently, Missouri probate law – specifically Missouri Revised Statutes, Title XXXI, Trusts and Estates of Decedents and Persons Under Disability – will determine how assets will be distributed.
2. Property Management
Being in charge of the deceased’s property means collecting, taking inventory, and appraising the assets. These assets may include real estate, vehicles, personal belongings, and other tangible properties. The executor or administrator might also manage assets like bank accounts, stocks, bonds, and investment portfolios.
In Missouri, the court will require you to obtain certain information about the assets, such as vehicle VIN numbers, account numbers, real estate descriptions, check numbers, and so on. What information you will need to collect depends on the type of asset. Often times, your lawyer will be able to help you obtain that information quickly.
3. Payment of Debts and Taxes
Probate administrators also bear the responsibility of settling the deceased’s obligations. You will have to use the estate’s assets to pay off any outstanding debts, medical bills, funeral expenses, and estate taxes as stipulated by Missouri’s and federal tax laws. Be aware that most creditors fail to file a proper claim in Missouri. If they do not, their claim can be barred forever and need not be paid. This can include things like credit card and medical bills, among many other kinds of claims.
4. Distribution of Assets
After all debts and taxes are paid, the remaining assets are distributed amongst the beneficiaries as per the will or, in the absence of a will, as per Missouri probate law. This might require selling some physical assets in order to distribute the proceeds amongst the beneficiaries.
Challenges Ahead
While the role of an executor or administrator is an honor, there’s no denying it can also be strewn with difficulties. Balancing the legal deadlines, complex paperwork, demanding beneficiaries, and emotional toll can leave even the most resilient individual feeling drained.
Professional help can alleviate these challenges. Enlisting the expertise of a specialized probate law firm like Schnurbusch Law, with years of experience serving clients in St. Charles and St. Louis, Missouri, can provide much-needed support and guidance throughout this process.
Final Word
Taking on the role of an executor or administrator in a probate case isn’t for the faint of heart. However, with a sound understanding of your responsibilities, a supportive team, and a bit of tenacity, you can certainly rise to the occasion. Remember, you’re not just undertaking a tedious legal process but also honoring the final wishes of a loved one.
