The process of being a Personal Representative can be overwhelming and frustrating for someone who is unfamiliar with administering an estate. Even if this isn’t your first time being assigned as a personal representative, it can be very overwhelming.
A personal representative has many duties and we cover those in our blog “Duties of an Executor of an Estate and How a Professional Organizer Can Help” In this article, we will cover the potential struggles one would face when in the position of a personal representative.
The first steps as a personal representative
One of the first steps in preparing to administer the estate is to meet with the estate attorney. In that first meeting with the estate attorney, the personal representative will have assigned homework – to find all the assets of the decedent. Assets include bank accounts, investments, stocks, bonds, annuities, insurances and properties (houses, autos, timeshares, etc.). If there is no clear filing system in place you could be looking through piles of papers and clutter throughout the entire house. Combine this with not knowing exactly what you are on the hunt for can makes this homework extremely time consuming and frustrating.
The paperwork puzzle
Until the estate is completely settled, it is necessary to continue paying the bills. Due to a lack of knowledge of the finances, there could be difficulty doing this. You want to minimize paying late fees and other service charges which can be challenging without the proper information. Of course, you might need the necessary logins and passwords to sign into each individual account to pay them at all, let alone on time. In today’s world, some bills come via email or are on autopay and it could be difficult to have a clear picture of all debts and how they are set up to be paid.
Additionally, when administering an estate, there are documents that need to be filed in a timely manner. As a personal representative, you may have trouble keeping up with these deadlines which are mandated by the state and could, therefore, be subject to penalties if not completed on time.
Often, there is a period of chaos after the death of a loved one. Couple this chaos with grieving. and it is easy to get overwhelmed. The paperwork a personal representative is tasked with can leave little time to grieve, sadly creditors do not wait for the grieving process to end but expect payments to be on time.
My Confidant helps to relieve the stress and potentially overwhelming frustration of a personal representative after the loss of a loved one. I would welcome the opportunity to assist you as you navigate the process of administering the estate of your loved one. Please contact me today to learn more about how a professional organizer/daily money manager can alleviate some of the stress and worry associated with settling an estate.