Selecting an executor or personal representative to manage your estate and make important decisions for you after you are gone is a big decision to make. Those who are planning their estates should think carefully about who they want to select as personal representative. It’s a good idea for them to speak to the person they have selected so that there aren’t any unpleasant surprises. This also gives the potential representative a chance to learn about the role and decide whether they feel they are up to the task.
Considerations to take into account when selecting a personal representative
One of the first considerations to take into account when selecting a personal representative is to choose someone who is responsible. The personal representative will be responsible for engaging professionals to help with the estate, efficiently managing estate matters and working effectively with beneficiaries which includes communication skills. As part of that, it is also a good idea to select a personal representative who is in good financial standing on their own.
When selecting a personal representative, it is helpful to not choose anyone who has conflicts with family members, or other people they will need to work with during the administration of the estate. Patience and an even temperament are also virtues when selecting a personal representative. It is a good idea to name a younger successor personal representative in case the personal representative selected is unavailable when the time comes. Lastly, the location of the personal representative usually does not matter in today’s digital age.
There are many important pieces that put together an estate plan. Knowing who to put in charge of administering that plan is an essential component estate planners should be prepared to confidentially tackle when estate planning.
