After the death of the Principal, the Estate enters a new form of management. What happens next depends on whether a revocable living trust, will is in place, or if someone dies without an estate plan (intestate). In the event of a will, the property must be probated, and the appointed personal representative, also known as the executor, steps in to take care of the deceased’s belongings and assets. It’s a pivotal point to remember, though, that not everything the principal owns comes under the watchful eye of the personal representative as certain assets, like those with named beneficiaries or those that pass on automatically at the time of death – think retirement accounts or certain bank accounts – aren’t part of the principal’s Estate and stay outside the realm of the personal representative’s duties.