Generally, a Personal Representative Petitions to open Probate for the Estate. They are not the Personal Representative until the Court appoints them as such. Once appointed, they are charged with discovering, taking control of and valuing all Estate assets as of the date of death. They are charged with selling and/or consolidating all of the assets of the Estate into an estate bank account. They may distribute certain assets in-kind directly to heirs based upon the intentions set forth in the Will and/or based on requests by heirs to receive certain property in lieu of cash distribution.
The Personal Representative is under the supervision of the Court at all times. They will be responsible for submitting detailed filings to the Court based upon a statutory schedule. For example, once the Personal Representative has discovered and valued all of the Estate assets, they are required to submit a detailed Inventory Report, together with all supporting documentation, to the Court. The Inventory Report establishes the precise value of each and every Estate asset as of date of death. They are also required to submit an Information Report identifying other assets that may not pass under the Will but which are subject to Maryland Inheritance Tax. More on Inheritance and Estate Taxes later.
A Personal Representative files tax returns for the decedent and, in some cases, for the Estate. They pay debts and receive income of the Estate. They keep careful books and records, and they keep heirs informed as to the progress of the Probate process. Near the end of the process, they are responsible for submitting an extremely detailed Administration Account to the Court detailing all assets, income and expenses and proposing distributions to the heirs. More on the specifics of the Personal Representative’s responsibilities below.