Duties of a Personal Representative in Minnesota
A personal representative bond is a type of fiduciary bond that guarantees the executor/fiduciary who is appointed to be a personal representative will perform all the duties assigned to them. Also known as an administrator or executor bond, personal representative bonds protect the beneficiaries of an estate from misconduct and misuse of financial assets. The bond amount is set by the court and is dependent upon the size and value of the deceased’s estate.
Personal representative bonds are required in most states, they can help provide protections in the event the Personal Representative fails in their duties for the estate. but they may be waived in certain situations. However this means that there is no protection for the beneficiaries should the personal representative fail to fulfill his or her duties.
Duties Of A Personal Representative
When a person passes away, the personal representative of estate is required to compile the decedent’s assets and understand the outstanding bills and debts of the estate.
The duties generally assigned to a personal representative include compiling the assets of an estate, paying creditors and distributing the remaining assets to the estate heirs. If there is a will, it may assign certain assets to beneficiaries. A personal representative may be appointed formally by the court in a supervised or unsupervised administration as well as informally by a registrar.
Apply for Personal Representative Bonds
For more information on becoming or naming a personal representative or getting an personal representative bond in your state, contact the experienced professionals at the Patrick J. Thomas Agency.