What does it mean to be a personal representative of an estate?

What does it mean to be a personal representative of an estate?

executor
A personal representative or legal personal representative is the executor or administrator for the estate of a deceased person. The law requires personal representatives to follow the terms of the deceased person’s will (assuming that the individual who died had a will).

Is a personal representative the same as an executor of a will?

A personal representative is appointed by a judge to oversee the administration of a probate estate. When a personal representative is nominated to the position in a will, he’s commonly called the executor of the estate.

What’s the difference between executor and administrator?

The Executor is responsible for wrapping up the deceased person’s affairs and distributing the assets to, or for the benefit of, the persons named in the will (beneficiaries). An Administrator is the person in charge of the estate when my someone dies without a Last Will and Testament.

Does an executor have to show bank statements?

Assuming your siblings are beneficiaries of the estate, then yep, you sure do. And the reason is that as the executor, or representative, of your mom’s estate, you owe a legal duty to act in the best interest of the beneficiaries. If your siblings ask for copies of your mom’s bank statements, you should provide them.

Do you need to provide proof of identity when writing a will?

Likewise, if you are an Executor of someone else’s Will and it is stored securely ‘off-site’ with a professional firm, you will be asked to provide proof of your identity – along with a copy of the deceased’s death certificate – before the Will is released to you.

When do you not need to prove your identity?

You do not need to prove your identity when you are applying for a stamp duty concession. In WA there is a verification of identity requirement only if you are selling your property. The NT does not have any prescribed verification of identity requirement. The material in this blog is general in nature.

Can a solicitor check the identity of a beneficiary?

Well yes, a solicitor acting as a professional executor would indeed require proof of identity. Just bear in mind that if you do give the money to the wrong person, you could be held personally liable by the true beneficiary. If in any doubt it would be best to check. That’s absolutely true.

Do you need to prove your identity to get a mortgage?

In addition to State/Territory Government requirements, your bank or lender may have its own requirements for verifying your identity prior to issuing mortgage documents. This will vary between banks and we recommend that you speak with your lender directly.