Personal Representative/Executor of the Estate
What is a Personal Representative/Executor of the Estate?
Personal Representatives are appointed to administer the estate of a person who has passed away, who is referred to as the “decedent.” The personal representative’s job is to make sure the deceased person’s property is properly collected, managed, and distributed.
Identify, inventory and protect all assets in the estate
Pay bills
Locate the heirs and beneficiaries
Pay the administrative costs of probating the estate
Manage the tax reporting requirements
Distribute the remaining assets to the heirs or beneficiaries
In the role of personal representative, 406 Financial Services will:
Always act in the best interest of the estate and beneficiaries
Avoid conflicts of interest
Follow the law and court orders
There is no charge for being a named fiduciary in an estate plan until services are needed. In Montana, a personal representative is entitled to “reasonable compensation” for their services. The court must approve the personal representative’s fees and will determine approval based on factors like the time, effort, difficulty, and skills needed to administer the estate.
Interested in Fiduciary Services or have a question? We’d love to hear from you!
We offer free one-hour consultations to learn more about your needs and discuss whether our services may be a good fit.