Who is responsible for administering an estate?

In West Virginia, when someone passes away, the person who is responsible for administering the estate is called the Personal Representative (executor). The job of the Personal Representative is to manage the estate, including gathering the deceased person’s assets and distributing them according to the will or state law. The Personal Representative is usually named in the will of the deceased person. If there is no will, a court can appoint an administrator. Typically, this is the closest relative to the deceased person. The Personal Representative is legally required to follow the wishes of the deceased person as expressed in the will. The Personal Representative is responsible for taking many steps to administer the estate, including identifying and gathering the assets, paying any debts, distributing the remaining assets to beneficiaries, and filing any required legal documents. The Personal Representative must also prepare and file the deceased person’s final income tax return and may need to file estate tax returns if the estate is large enough. It is important to understand that managing an estate is a difficult and time-consuming task. The Personal Representative may need to work with an attorney or financial advisor to ensure all legal and financial requirements are met.

Related FAQs

What is an affidavit?
What is a guardianship?
How is an estate distributed?
What is the difference between probated and non-probated assets?
What happens if an estate cannot pay its debts?
What is the difference between a beneficiary and an heir?
How is an estate distributed if there is a will?
What is the difference between a will and a trust?
What are the tax implications of probate?
What is a living trust?

Who is responsible for administering an estate?

Related FAQs

Related Blog Posts