What is a Personal Representative of the Estate?
A Personal Representative (PR) of the Estate (often referred to as an Executor), is charged with ensuring a person’s financial affairs are settled upon his or her death. Typically a person completes a will nominating an organization or person to administer their estate. If a will does not exist, a PR can be nominated by a family member or creditor. Whether named in a will, or nominated by a family member or creditor, the district court then appoints the personal representative (PR) to settle the estate. Once appointed, the PR inventories and secures the assets, ensures all debts are properly discharged, and makes final distributions according to the will or, when no will exists, according to state statute.
The administration of an estate can be complicated, with the PR needing to have a firm legal understanding of assets, creditors and debt, and distributions. There is also often an emotional aspect to the administration that can be difficult for family members, and can lead to conflict within the family.
Why First Fiduciary Corporation as Personal Representative (PR)?
First Fiduciary Corporation was the first professional fiduciary in Minnesota, founded in 1969. We have nearly 50 years of experience and have built a reputation as a trusted leader in the field of fiduciary management. We have handled many complex cases and difficult family situations. Our employees are held to the highest ethical and professional standards, and are amongst the most highly trained professionals working today.
To ensure the estate is settled properly, and sometimes to avoid conflict within the family, attorneys often recommend that their clients nominate First Fiduciary as PR in their wills. We are also often appointed by the court when no will exists or when the beneficiary of the estate, such as a non-profit, cannot or does not want to serve as PR.
We have a long history in serving as PR when the family dynamics are best served by a neutral and unbiased third party. In these cases, we can assure that all estate assets are properly inventoried and disclosed, proper debts are paid, personal property is divided, and the financial assets are distributed properly according to the will, or to heirs as appropriate when there is not a will.
First Fiduciary has experience with both complicated and simple estates. We have a multi-staff approach to inventorying and accounting for personal property and financial accounts, ensuring your assets remain secure. We also have established trusted relationships with many professional services that support the handling of the estate, including real estate agents, appraisers, estate sale companies, contractors and others. We have an in-house accounting department so that sensitive personal and financial data remains secure. Ultimately, we strive to complete the transfer of assets to heirs in a timely and prudent manner, assuring all legal requirements are met.
Please call us at (651) 452-1512 for more information or to set up a meeting to discuss your needs.