When the court appoints you as personal representative of an estate, you become and officer of the court and assume certain duties and obligations. As attorney is best qualified to advise you about these matters. You should understand the following:
- Prudent Investments – You must manage the estate assets with the care of a prudent person dealing with someone else’s property.
- Keep Estate Assets Separate – You must keep the money and property in this estate separate from anyone else’s, including your own.
- Interest-Bearing Accounts and Other Investments – Except for checking accounts intended for ordinary administration expenses, estate accounts must earn interest. You may deposit estate funds in insured accounts in financial institutions, but you should consult with an attorney before making other kinds of investments.
- Other Restrictions – You should not spend any of the estate’s money unless you have received permission from the court or have been advised to do so by an attorney.
There are many other restrictions on your authority to deal with estate property and if you don’t follow them properly, you may be removed as a personal representative or you may be required to reimburse the estate from your own personal funds or both.
Over 50% of probates experience some type of error, which causes delay’s and hardship. We can help you avoid these mistakes. Call us today to make sure you don’t make any mistakes in the probate process.
We are a real estate brokerage company that specializes only in the sale of probate properties. Our company was founded by a 20+ year real estate veteran and attorney; and, while we are not acting as attorneys on your behalf, we can point you in the right direction and help you make sure you don’t make mistakes that could hinder the probate.
Call us today to discuss the status of your probate case.