Question

After paying off debts and other charges, Michelle’s estate was valued at $9 million as of December 31, 2015, six months after the death of Michelle. Kearny is the personal representative of the estate. As of December 31, 2016, the value of the estate had decreased to $6.5 million. Summarize the procedures involved in appointing a personal representative. What are Kearny’s fiduciary duties and liabilities?​

Answer 1

Procedure involved in appointing a personal representative

1 file the original will and death certificate the the probate court.

2 petition the court to appoint you as personal representative.

3 obtained Letter of authority from the court .

4 send the interested parties notice of your court appointmant as personal representative.

5.Takeinventory of the estate.

6. Identify and settle claims or debts against the estate.

7. Distribution the assets to the beneficiaries.

8.If required to file the estate tax return.

Duties and liabilities

1 prepare and send information to heris and devidees.

2 apply for an employer identification number from the IRS.

3 maill or deliver the notice to creditors to creditors who have claim against the decedent about which you know.

4 pay family allowance and exempt property if appropriate.

5 prepare inventory of the estate property.

6. Check with the courts for creditors claims when the time is up to make a claims.

7 file any disclaimers with the probate court, if desires.

8 disallow creditors claims, if needed.

9 file final individual income tax return.