What Is The Duty Of A Personal Representative Or Trustee?

If you have been placed in charge of administering a loved one's estate in New Mexico, you may have questions about your duties. Similarly, if you are not in charge of administering the estate, but you have concerns about whether the personal representative or trustee is fulfilling his or her duties, you have the right to ask questions. Whatever the case may be, you can turn to the lawyers of Mucci Law Firm in Albuquerque and Santa Fe for answers.

The Role Of A Personal Representative

The duties of a personal representative, referred to as the executor of the estate in some states, begin almost immediately. First of all, the personal representative has only 10 days to send notice of his or her appointment to all other beneficiaries. From here, matters only get more complicated. The personal representative will be required to address any claims from creditors and oversee the distribution of the estate to the heirs.

The Role Of A Trustee

The duties of a successor trustee are ongoing. The primary duty is to protect the assets held in the trust. They must be invested wisely and distributed to beneficiaries fairly and according to the provisions of the trust. The trustee cannot mix them with his or her personal assets, or use them for personal gain. The trustee will be required to keep accurate records, handle all tax-related matters and provide accountings to the beneficiaries.

There Is No Requirement To Do This By Yourself

You are not required to do this alone. Our attorneys can help you with probate, trust administration and all other aspects of estate administration. Furthermore, if you are located outside of New Mexico, you can contact us to handle these matters locally on your behalf. If a dispute arises over the handling of these duties, we can take action.

Free Consultations About Administering An Estate

Call 800-639-8403 or send an email to discuss your loved one's estate.