RESPONSIBILITIES OF A PERSONAL REPRESENTATIVE (EXECUTOR) IN IDAHO
A Personal Representative or Executor in Idaho is entrusted with responsibility for winding up a deceased person’s affairs. This can be quite a large project or a little job depending on the circumstances. Essentially, a Personal Representative is responsible for safekeeping a deceased individual’s assets until all debts and taxes have been paid and then making certain that what is left is distributed to individuals who are entitled to it. The law does not require a Personal Representative (also called an executor) to become a legal or personal financial specialist, but it does require a high standard of trustworthiness, impartiality, and diligence. This is described as a "fiduciary duty" - the duty to act with good faith and trustworthiness on behalf of another person. Personal Representatives have many tasks, based on the complexity of the departed person's personal financial and family situations. Usually, a Personal Representative should: • Locate and inventory the deceased person's assets and take care of them until they are distributed to the appropriate beneficiaries. This could entail determining whether to sell property or stocks belonging to the deceased person. • Decide if the estate is required to be probated. The majority of jointly owned assets pass to the surviving owner, without probate. If the deceased person's property is worth under $100,000 and there's no real estate included, then probate may not be required. Even though it is quite possibly not necessary, it can nevertheless be helpful in a number of situations. • Determine who will inherit property. If the deceased person left a will, the Personal Representative will read it to determine who gets what. If there's no will, the individual in control will need to look at Idaho state law (called "intestate succession" statutes) to determine who the deceased person's heirs are. • File application form for appointment and file the will (if any) with probate court. If there exists a will, it then is required to be filed with the probate court to be effective. If there is no will, then one of the beneficiaries will likely need to be appointed as personal representative.
• Manage the estate. This may include terminating leases and bank cards, and informing banks and government agencies -- such as the Social Security Administration, the post office, Medicare, and the Department of Veterans Affairs -- of the death. • Set up an estate banking account. This account is going to be used to keep money that may be owed to the deceased person or funds from the sale of estate assets. • Use estate funds to pay for estate administration and continuing expenses. The Personal Representative needs to pay, by way of example, energy bills, home loan payments, and home owner's insurance premiums. • Pay obligations. If there's a probate proceeding, the Personal Representative will need to officially notify creditors of it, adopting the procedure determined by state law. • Pay taxes. A final tax return needs to be filed for the deceased individual, covering the time period from the beginning of the tax year to the time of death. Furthermore, the estate itself may be required to file a tax return if estate assets, such as stock dividends, have been received. State and federal estate tax returns are needed only for sizeable estates. • Supervise the distribution of the deceased person's property. The property should go to those people or organizations named in the will or those entitled to inherit under state law. For more information contact Idaho Probate Attorneys | Lawyers at (208) 322-8865 http://www.incsource101.com/probatelawyers/idaho-probate-attorneys-free-consultation208-322-8865-30-years-experience/