Creating an estate plan is the responsible step to take as you age. It ensures that your wishes will be followed when you pass away or become incapacitated.
An important part of creating your estate plan is choosing a personal representative. This is an important decision and one you should think about carefully.
What does a personal representative do?
The personal representative you name has several jobs. They will work to ensure the instructions in your will are followed, notify creditors, pay funeral costs and settle your debts. They also communicate with named beneficiaries to distribute your estate.
Due to the huge role this person plays after you pass away, making sure you appoint the right person is essential. They ended to have the time and energy to handle the tasks ahead.
Find someone trustworthy and organized
You should choose someone you trust as your personal representative. This person will be responsible for handling your assets. The state also holds this person to a fiduciary duty. This means if they do not put your beneficiaries first, they can be removed and someone else put in that position.
Organizational skills are also important, especially if you have a large or complex estate. Think about who in your life you can trust to handle this role since it is a lot of responsibility.
Your estate plan is important and naming a personal representative requires careful consideration. Use the tips here and know your legal options to choose the right person for the job. This will help ensure your wishes are fulfilled.