I Am the Personal Representative in This Estate Form
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People also ask
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What is the difference between a trustee and a personal representative?
Personal representatives will oversee the distribution of your estate upon death, with or without the guidance of a last will and testament, while a trustee manages a trust until the time has come to distribute its contents, and dissolve it – whether shortly after your death, or several years later.
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What does "personal representative" mean in a will?
What Is a Personal Representative? A personal representative (or legal personal representative), also known as the executor, is the individual chosen to administer the estate of a deceased person. They are designated as such by the decedent or by a court.
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Is a personal representative the same as a trustee?
While both have a fiduciary duty to you and your beneficiaries, they oversee two very different things. A personal representative will represent your wishes and interests in your county's probate court. A trustee, on the other hand, is the manager of one of your living trusts.
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What power does a personal representative have in Michigan?
The personal representative is under a duty to settle and distribute the estate "as expeditiously and efficiently as is consistent with the best interests of the estate" and "except as otherwise specified or ordered in regard to a supervised personal representative, without adjudication, order or direction of the court ...
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Who is the personal representative of the estate in Florida?
Any individual who is at least 18 years old who is a resident of Florida at the time of the decedent's death, is qualified to act as the personal representative.
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What is the difference between a trustee and an authorized representative?
Basically, after your lifetime, a trustee is responsible for assets held in trust and a personal representative (sometimes also called an executor) is responsible for assets held in your individual name. You appoint these important agents of your estate plan with will or trust documents.
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What does it mean for a representative to act as a trustee?
In this model, constituents elect their representatives as 'trustees' for their constituency. These 'trustees' have autonomy to deliberate and act as they see fit, in their own conscience even if it means going against the explicit desires of their constituents.
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Who is the best person to appoint as trustee?
Successor trustees can be your adult children, other relatives, a trusted friend, or a corporate trustee (bank trust department or trust company). If you choose an individual, you should name more than one in case your first choice is unable to act.
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