A personal representative is a person placed in charge of administering an estate after a death. Being a personal representative can be fulfilling and even pay well, but without proper knowledge and preparation, it can be a daunting job.
Anyone can be a personal representative, but there are people who have priority to the job. If a person is named as personal representative in the will, they will be first choice. Second choice generally goes to the spouse of the person who died, if they are named in the will to receive a gift. Third choice goes to any person named in the will to receive a gift, and last choice goes to an heir or creditor.
Duties of a Personal Representative
These are just a list of basic duties that generally required by law:
A Personal Representative Bond protects the beneficiaries of the estate against fraud or improper mishandling of assets. The bond guarantees faithful performance by you, the personal representative.
How Much Does a Personal Representative Bond Cost?
When you become a personal representative, the court will set the bond amount.The bond amount will depend on the value of the estate and the amount of debt and taxes owed on the estate.
You’ll apply for your bond in the amount that the court ordered. For example, if the court ordered you to get a $25,000 bond, you will need to get a Washington Personal Representative Bond in the amount of $25,000.
This is not the amount you pay for your bond though.