All too often, people spend a lot of energy identifying their beneficiaries and designating inheritances for each of them. Testators might treat the selection of their personal representative as an afterthought, rather than one of the most critical aspects of the estate planning process.
A personal representative or executor has control over an individual’s estate. How do people select the right personal representative?
Many factors influence the best choice
Testators might initially consider the people with whom they have the closest relationships when selecting a personal representative. However, there are drawbacks to that approach. The grief that those closest to them experience could interfere with their ability to administer an estate.
Additionally, the older a personal representative is, the greater the chances that they may no longer be fit to fulfill their duties when the time comes. Personal representatives need to be available, which generally means they need to be nearby or willing to work with a local lawyer.
They also need to have adequate internal motivation to fulfill the various tasks involved in estate administration. They must have a deep sense of ethics, as they have access to assets that they could steal. They must also be able to navigate stressful situations, such as conflicts among beneficiaries.
Finally, they also need to be willing to accept the responsibility that comes with the role. Testators may want to create a list of multiple candidates and then discuss the matter with each of those parties. The testator can then include the name of their chosen personal representative and an alternate option in case their primary selection isn’t available when their services become necessary.
Choosing an appropriate personal representative is critical when people are hoping to leave a meaningful property-related legacy. People often need help addressing the most pressing aspects of estate planning, including concerns related to executors, and that’s okay. Seeking personalized legal guidance is a great way to get started.