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personal representative
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Let's assume someone asks you to serve as personal representative in a will. What exactly does that mean? Should you accept the appointment? What can you do to prepare yourself for the responsibilities? A personal representative is in charge of the administration of a will maker's estate when he or she dies. This means bringing a probate proceeding in the courts; rounding up the will maker's assets; paying the will maker's creditors; filing tax returns and paying taxes; and carrying out the terms of the will as to the disposition of the will maker's property. All of this can be easy and routine, or the complete opposite, depending on many factors, including the amount of money involved, whether claims of creditors are disputed, the clarity of the will as to the distribution of assets, t...
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In the Estate of Christiansen v. Commissioner case, the decedent, who died in April 2001, left all property to her only child H through will that anticipated disclaimer and H disclaimed a portion of the gross estate valued at over $6,350,000. The will provided that 75% of the disclaimed portion would pass to a charitable foundation and 25% would pass to 20-year charitable lead annuity trust to pay the annuity to the foundation. H did not disclaim the contingent remainder interest in the property passing to the trust; the estate claimed deductions for values of property passing to trust to the extent of present value of annuity interest, and of property passing to the foundation. The IRS determined a higher value of the estate than reported on the return and disallowed the deductions for...
