HOW TO CHOOSE THE RIGHT PERSONAL REPRESENTATIVE FOR YOUR ESTATE

When making your Last Will and Testament, one of the most important decisions you will make, besides deciding how to distribute your property, is choosing a Personal Representative to oversee your Estate. Choosing the right person is of great importance so that you can ensure your wishes are followed and your assets are distributed both promptly and efficiently. If you do not have a Last Will and Testament, then your Estate is “intestate”, in which case the Court will decide who will be appointed and it may not be a person you would have selected if you had a Last Will and Testament.

Some people think they do not need an estate plan because they are not “wealthy” or that they do not have an “estate”. Everyone has an estate that needs to be planned. The only issue is how large it is.

If the wrong person is selected it can lead to a variety of problems such as family conflict, tax problems, asset mismanagement, and sometimes, Will contests. The Personal Representative is critical to the management of your Estate. Many people select a trusted family member, but it is important to factor in their skills and abilities, rather than their relationship to you. This is especially important if your estate is complex or has many assets. Some family members, although trustworthy, cannot emotionally manage the “job” of being a Personal Representative. Keep in mind that family members will be grieving and under stress to begin with and taking on added responsibility may be too much for some of them to oversee.

Some of the responsibilities that Personal Representatives have are:
– Deciding whether probate is necessary
– Hiring an attorney for representation
– Identifying, managing and gathering the assets of the decedent
– Making sure that all beneficiaries are located
– Paying the debts of the estate and resolving any Creditor Claims filed against the Estate
– Distributing the assets of the Estate per the terms of the Last Will and Testament
– Ensuring that tax obligations are met properly
– Paying the expenses of the Estate Administration

It is a good idea to select someone with a legal or financial background if possible. They should also be good at handling conflict as well, since the terms of your Will may induce strong emotional responses for your beneficiaries, including feeling hurt by your decisions. Of course, it must be someone that you trust implicitly to follow your wishes without using their role to take advantage of your beneficiaries.

Once you have selected someone they should be notified of your choice, so they can decide whether they wish to accept the role. It is also of importance to name a couple of additional “Successor” Personal Representatives, just in case the original selected person is unable to or unwilling to accept the responsibility. Family members should also be informed of your decision so there are no surprises in this regard.

Since your estate planning is pivotal to the protection of your legacy after you pass away, a Personal Representative should not be chosen until after you have had the chance to sit with an Estate Planning professional and have talked about your decision in choosing the right person to manage your Estate.