I,Personal Representative of This Estate State the Following Form
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People also ask
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What is the difference between a beneficiary and a personal representative?
A beneficiary is someone to whom you want to leave assets, while a personal representative is someone named by you to oversee the distribution of your assets.
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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 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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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 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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Which is a responsibility of the personal representative?
The personal representative (Executor or Administrator) is responsible for overseeing the probate estate while the trustee is responsible for managing Trusts. Both roles are entrusted with the duty of acting in the best interest of the estate and its beneficiaries.
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What does "representative" mean in a will?
Formerly known as an executor or executrix, the Personal Representative is charged with gathering the assets, notifying all beneficiaries and creditors, paying all legitimate expenses and debts, and finally, distributing any remaining assets to the beneficiaries all in ance with the terms of the Will.
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What is the difference between an executor and a personal representative?
In reality, there isn't a signNow difference between the two, and the terms can be used interchangeably in many cases. The primary difference lies in which state has jurisdiction over the probate. Some states use the term Personal Representative, and some states use the term Executor.
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