An individual establishing an estate plan has to make numerous important decisions. They have to select their beneficiaries and determine what each person should inherit from the estate.
Those who intend to use a will to transfer their property to specific beneficiaries also have the option of choosing their own personal representative. A personal representative has the legal authority to carry out a testator’s estate plan.
A testator’s personal representative has control over their assets and is responsible for fulfilling their last wishes. How can an individual establishing an estate plan select the right individual to serve as their personal representative?
Be objective about personal characteristics
One of the most common estate planning mistakes people make is to choose the person that they have the strongest emotional connection with to serve in positions of authority. They name their closest child as their personal representative or the sibling with whom they share the deepest bond as the guardian of their children.
Those choices may not ultimately be what is best for the testator, their dependents or their estate. Setting aside personal attachment and trying to view possible candidates as objectively as possible is crucial when attempting to select someone for such an important role.
A personal representative generally needs to have certain key characteristics. Those characteristics include:
- honesty
- integrity
- a strong work ethic
- decent organizational skills
- an ability to remain calm in stressful situations
- a willingness to follow instructions
- patience
- compassion
- reasonable overall health
A personal representative must first and foremost fulfill their obligations as established under the law. A personal representative should not undermine the testator’s decision to disinherit one family member or leave highly uneven bequests.
They need to be assertive enough to interact with creditors and frustrated family members. They need to be calm and compassionate enough to deal with those coping with grief. They must also be able to present a reasonably professional facade in probate court.
Other factors, including the age and location of the candidate, can also influence how fit they are for the role. Testators often prefer those who live nearby, but someone out of state can potentially serve as a personal representative with the right support. A willingness to fill that role is also crucial, as a personal representative named in estate planning documents can decline to take on that role after the testator dies.
Thinking carefully about who should serve as a personal representative can help testators as they work on the creation of an estate plan. People may need to update estate planning documents as family relationships change or the health circumstances of a personal representative shift.