Estate planning forces people to ask deeply personal questions and consider many intense matters. They have to think about what may happen if they have a medical emergency and become incapacitated. They have to address the division of their property and some allocate specific resources to individual beneficiaries.
They also need to select someone to act as their executor or personal representative. Estate administration often takes a year or longer to complete. Personal representatives have to attend probate proceedings. They have to send letters to creditors and manage estate resources.
Selecting the right person for this role is as important as including appropriate property distribution terms in a will. How can people select the right personal representative to serve their needs?
Taking stock of potential candidates
The first step when selecting a personal representative is to consider who might be fit for the role. Important characteristics to consider include health and age. Younger, healthier people are more likely to outlive the testator and retain the capacity necessary to oversee estate administration when the time comes.
Proximity can also be a factor. Someone living on the other side of the country may struggle to manage estate administration. Availability is another key factor. People with numerous children, medical challenges or highly-demanding careers may not be able to juggle all of their personal obligations and estate administration.
Financial stability is another key consideration, as people who struggle to pay their bills might find it too tempting to have access to estate resources. Testators may need to consider an individual’s morals as well, as some people embezzle or let their personal feelings about beneficiaries interfere with the performance of their duties.
Talking with possible executors
A testator can name a personal representative in their documents only to have that person decline the responsibility during probate proceedings. Therefore, it is critical to secure the consent of potential personal representatives before naming them in a will.
Even people who might seem perfect on paper may have challenges that they don’t readily disclose to others that could prevent them from fulfilling their duties. After talking with candidates, the testator can then name their top choice and possibly one or two alternates in their documents.
Discussing the nomination of a personal representative and other key decisions with a skilled legal team can help people establish effective and meaningful estate plans. The inclusion of the right details in a will can have a major impact on an estate and, therefore, on an individual’s final legacy.