In the State of Washington, any person is eligible to be a personal representative unless that person is a minor, a person of unsound mind, or a person who has been convicted of a felony or crime involving moral turpitude, such as fraud or theft.
How much does a personal representative Get Paid in Washington State?
The proposed rates generally range from approximately $15 to $50 hourly, more or less depending upon the Representative’s skill and experience.
How do you become a personal representative of an estate?
You must apply to the Probate Office of the High Court for a Grant of Representation. This legally confirms your appointment as the personal representative. It acts as an assurance to financial institutions that they can safely place the deceased person’s assets in your hands.
How long does it take to become a personal representative for an estate?
If an estate has only a few, easy-to-find assets, it may be all wrapped up in six to eight months, whereas a more complicated estate may take several years to fully settle. Depending on the state, there may be deadlines for certain parts of the process.
What is a personal representative deed in Washington state?
This form is a Personal Representative s Deed where the Grantor is the individual appointed as personal representative of a intestate estate and the Grantee is the surviving joint tenant entitled to the property interest of decedent in the joint tenancy property. This deed complies with all state statutory laws.
What is the hourly rate for a personal representative?
A reasonable rate is considered to be $20 to $30 an hour, with those lesser duties at a reduced rate and those more important duties at a higher rate. Understand that you will need to provide a detailed accounting of the duties and it would be good to get an agreement between the beneficiaries and you about the fee.
What is the standard fee for a personal representative?
A. The statute provides for compensation of the personal representatives at the rate of 0.50% of the value of the estate over $10 million up to $25 million.
Who can be a personal representative?
Usually the legal personal representative is someone known to the deceased; he or she may be a family member, a trusted family friend, or a solicitor.
Does a personal representative get paid?
Compensation For Your Efforts For all your efforts and risk of personal liability, you may receive nothing more than a handshake. The PR is entitled to take a reasonable fee that can range between. 5% to 3 % of the value of the estate. However, any fee taken will be taxable income to the PR.
Who is personal representative if no will?
A personal representative can also be known as an ‘executor’ or an ‘administrator. ‘ This role is referred to as an executor if the deceased left a Will or as an administrator if the deceased did not leave a Will (died intestate).
What is the difference between power of attorney and personal representative?
The primary difference between the Personal Representative (“PR”) and the person appointed under a power of attorney the attorney in fact (the “POA”) is that the PR is administering the estate after the person has passed away and the POA is caring for the person while they are incapacitated, but still living.
What happens to bank account when someone dies?
Closing a bank account after someone dies The bank will freeze the account. The executor or administrator will need to ask for the funds to be released – the time it takes to do this will vary depending on the amount of money in the account.
Can a personal representative sell property?
As long as the last will and testament gives the personal representative that power, the personal representative has the authority to sell any kind of real estate that is not considered homestead without seeking a court order. If there is no will or authority under the will, then court approval is required.
What power does a personal representative have?
Generally speaking, a Personal Representative is responsible for opening the estate, collecting the assets of the estate, protecting the estate property, preparing an inventory of the property, paying various estate expenses, valid claims (including debts and taxes) against the estate, representing the estate in claims
What are the fiduciary duties of a personal representative?
If a will appoints a personal representative, that personal representative has a fiduciary obligation to the decedent’s devisees (often referred to as beneficiaries). The personal representative’s basic duties are to distribute the assets and pay any debts.
Can an executor be a Washington State?
Most people have heard of the term “executor.” This is the person who is responsible for administering an estate. Washington State doesn’t use this term anymore. Instead it uses the term “personal representative” to refer to a person appointed by the court to manage and administer an estate.