On December 31, 2014

Picking up from where 6 Tips for Personal Representatives Administering Estates (Pt. 1) left off, here, we will continue to discuss some helpful tips for people who have assumed the role of the personal representative administering the estate of a decedent.

More Tips for Personal Representatives Administering Estates

Tip 3 – Figure out what type of probate may be necessary for administering the estate.

Figuring out what type of probate to open and keeping detail records are two helpful tips for personal representatives administering estates.

Figuring out what type of probate to open and keeping detail records are two helpful tips for personal representatives administering estates.

As the personal representative of the estate, you will generally get to choose:

  • When the estate is opened
  • What type of probate the estate will pass through as part of the estate administration process.

Just some of the factors and/or issues to consider as you are figuring out what type of probate may be the better choice include:

  • Whether any beneficiaries or other “interested parties” have contested the will
  • The size and value of the estate in question
  • The degree to which you want the court to be (or not to be) involved in the estate administration process.

In general, informal probate is preferred for cost and time savings, but formal probate can be necessary when beneficiaries have contested wills, estates may be more substantial (and complicated), etc.

Tip 4 – Keep copies and detailed records of all transactions for the estate.

Of all of the tips for personal representatives administering estates, this is one of the more significant ones to remember throughout the estate administration process. The reason for this is that keeping detailed, accurate records of all an estate’s transactions – and keeping copies of any documents pertaining to significant estate administration matters – can help you:

  • Report on the actions of the estate if or when this becomes necessary
  • Keep all of the assets of the estate in order and appropriately accounted for
  • Avoid making mistakes for which you could be held personally liable.

Some of the specific items, transactions or issues for which keeping detailed records can be critical when administering estates include:

  • An inventory of the estate’s assets
  • Any valuations of the estate’s assets
  • Any sale or liquidation of the estate’s assets
  • Any payments made to creditors
  • All estate taxes that have been paid
  • Any estate distributions that have been made to the beneficiaries.

To get some more tips for personal representatives administering estates, be sure to check out the conclusion to this blog series that will be published soon!

Denver Probate and Estate Administration Attorneys at JR Phillips & Associates, PC

When you are ready for assistance administering an estate and/or getting through probate, you can turn to the probate and estate administration lawyers at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

To find out more about how we can help you administer an estate, schedule an initial consult with us today by calling (303) 741-2400 or emailing us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Estate Administration, Probate, Trustees, Executors & Fiduciaries