What are a few of the key guidelines I should follow if I am named an executor or personal representative of an estate?
We recommend you meet with an attorney to determine the best next steps for you when this happens. A few of the common guidelines include: 1. Open a checking account for the estate and only use this for the estate. 2. Keep accurate records of all money received and paid out on behalf of the estate. 3. Talk to your attorney before you pay any creditors of the estate. You may have personal liability for any payments made in error. 4. Talk to your attorney and, if necessary, obtain written court approval before you pay out any money or dispose of any property. 5. Consult with your attorney before making any investments and before reinvesting dividend payments in already approved investments. 6. Act timely on any issues that may arise with the estate. 7. Consistently work with your attorney to resolve any issues with the estate.
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