A personal representative’s deed, or PR Deed, can be useful for those selling the real estate property of someone who has passed on. The personal representative’s deed is an estate planning tool that names the executor of the estate with powers to transfer titles for real estate property. It is then the personal representative’s duty and legal authority to transfer the legal title of the deceased real estate owner to a new party or buyer.
A PR Deed is a specific legal document and should be drafted only by an experienced probate lawyer or estate planning attorney. Errors in the personal representative deed documents could result in headaches and heartaches for all those involved.
WHAT ARE THE RESPONSIBILITIES OF A PERSONAL REPRESENTATIVE?
It should be considered an honor to be appointed or named in a will as a loved one’s personal representative, and there is even usually a payment for the role they play. However the being personal representatives of a loved one , is a big responsibility and requires a lot of time and effort put into a short amount of time. Some of this work may require dealing with beneficiaries who are fighting over who gets a bigger piece of the estate’s pie.
The individual to be named as a personal representative cannot be a minor and, typically, the person also cannot be a convicted felon.
WHEN SHOULD A PR DEED BE DRAFTED?
There is no such thing as too early to begin estate planning. But it can sometimes be too late. So, with that being said, it is important to begin estate planning sooner rather than several years later. The personal representative’s deed is just one element that goes into a strong estate plan, but there are many others.
To ensure that your estate is effectively managed and protected, it is important to work with an attorney experienced in estate plans and drafting PR Deeds. Not every estate planning tool is right for every person’s estate, and all pros and cons must be considered carefully. With the legal guidance of your lawyer, you should be able to draft a strong Colorado personal representative deed so that your real estate is properly tended to after you’re gone.
WHAT IS THE DIFFERENCE BETWEEN A PERSONAL REPRESENTATIVE AND A TRUSTEE?
Both the trustee and the personal representative are fiduciaries entrusted with acting in the legal and financial best interests of the estate and its beneficiaries. The responsibilities for each role begin to diverge from there. The personal representative’s duty is to see to the transfer of title for an estate after the estate owner’s passing and tends to matters dealing with probate court. The trustee, meanwhile, sees to the everyday management and distribution of assets owned by the deceased person’s estate. In each case, both the personal representative and the trustee can be an individual or an institution. They are usually held to other requirements, though, which may vary from state to state. Regardless of what state they operate in, they are expected to act in the best interests of the beneficiaries at all times. Contact our law firm today at (720) 420-1039 to learn more about how we can help you with your personal representative’s deeds situation.