Estate and retirement planning takes work. Any estate planning lawyer knows this and will explain it to his clients. One of the key aspects of estate planning is thinking about how to manage estate assets in a responsible manner.
The laws in many states provide that a Personal Representative has clearly laid-out duties and responsibilities. Foremost, the Personal Representative has the important responsibility of acting as a fiduciary of the estate assets.
The Personal Representative must properly manage the estate and doing so means being diligent about the collection of money and the payment of debts. Furthermore, in certain states, the Personal Representative may be responsible to post a bond with the court to secure the proper performance of his or her duties.
However, in many cases, the estate planning lawyer will explain to the Personal Representative that he can ask the court to waive the bond requirement. The court does not always waive the bond – especially if beneficiaries of the estate are contesting it; however, it is common for courts to grant the waiver.
Additionally, the laws in many states discuss the collection and management of estate assets. The lawyer will explain to the Personal Representative that his or her duties will include many of these common duties (depending on the size of the estate):
- taking possession of the real and personal property;
- paying taxes;
- collecting revenues;
- maintaining the estate property;
- maintaining electronically stored data;
- maintaining proper actions for trespass or waste of the estate’s property;
- instituting legal proceedings to recover property that may have been transferred by the deceased in violation of the law;
- continuing a business of the deceased
- investing estate assets
- paying debts
- closing out the estate according to the law
As I stated, these are only a few of the duties that may be required of a Personal Representative. The Personal Representative must work closely with his or her attorney to understand the intricacies of the law and make sure that he or she is following the law.
For further information on estate planning and managing the estate assets responsibly, please contact a Minnesota estate planning attorney at flanderslawfirm.com.
My dad died 01/29/2013 in MN. 4 months before his death, his sister-in-law (who lives in Western Canada) became his PR. His former PR had purportedly been given 2 months to live due to a sudden lung disease. I had planned to visit my dad in March, but when he died the PR told me she didn’t want me to come out. I couldn’t believe it! I’m next of kin and only child. She called back to say I must come out to sign the cremation cert. (I didn’t remember meeting the PR and her husband, but apparently I did when I was 2-years old.). My dad left 55% of his small estate to me along with all his personal property. He said his Will would be with his attorney (he was blind by the time he signed his Will in Sept. 2012) and everything I needed to know re: contacting friends etc. would be on his PC. When I got to his apartment, the PR showed me a copy of his will with a page attached listing items and people to whom they should be given. My dad’s computer was gone along with case of valuable coins he and I had collected. I assumed the PR had already been to the attorney, and didn’t find out until after my visit that she hadn’t. She and her husband (my dad’s brother) claimed there was only one key to the apt. They and a crazy neighbor (Suzy) kept me locked up in the apt. for 6 days. Suzy threatened to kill me, among other things. I hid in the den, at night pushing the sofa against the door. Suzy had another very very long list that she only waved around at a distance. It was not in my dad’s handwriting. Everything of value was either locked in my father’s old storage unit for the PR to collect in May when she came back to get the car my dad had left her (She had the lock changed), or carted off by countless “friends of my father” who lived in his building and who Suzy and the PR said he’d promised things to according to the second list. All this property, including a gold & diamond ring (to the former PR) was given away before she even got her papers as PR. The former PR (Larry), a nice man, visited, carrying around a little oxygen tank, which he said was still in “beta testing” to keep him alive. It has been 16 months since his diagnosis and he is apparently fine. The PR said Larry was going to do my dad’s taxes. I had nearly died of lung problems many years ago but recovered after 18 months. I talked to Larry and took notes but he couldn’t tell me his meds or anything. When I got back to Brooklyn, where I live, I went to Columbia Presbyterian Hospital where I’d been cured to get info for Larry, but he’d given me incorrect telephone # and email address and I couldn’t contact him. When I called the PR, her daughter (57) answered and threatened to kill me, my mom (who lives close to her) and my daughter if I ever called again or “interfered.” The daughter is listed as back-up PR if her mother cannot continue her duties. I was able to reach the attorney, who refused to investigate all the strange lists. She did send me a copy of the Will. It was different from the one I’d been shown. When I called to tell her, she also refused to find out if the PR was executing the correct document. My dad and I are both dual American/Canadian citizens and there is considerable evidence (property purchases etc.) that his family, headed up by the PR and her husband, have been using at least our Canadian SIN numbers and our names in some kind of identity scams. But my hands are tied since all rights to discover my dad’s assets reside with the PR. I was barely able to even look at my father’s personal belongings and was not permitted to see any financial or personal paperwork (although I did find and hide a few clues). I met his so-called “financial advisor” but he too gave me spurious contact info and won’t talk to me since I left MN. No taxes have been filed and my dad is still not listed as deceased with US Social Security, or with its Canadian equivalent. I just received and Inventory & Appraisement which is just laughable if it weren’t so sad. I have photos of parts of the inside of the apartment, but was not allowed into the master bedroom and closets.
My question is: Can the Personal Representative, her daughter and the attorney be removed and how difficult would this be?
Thank you so much.
Sincerely,
Lynn
Lynn,
I cannot answer this type of question on the internet. However, my office does offer free consultations and I am happy to take your phone call or schedule and appointment. Thank you.