When creating your will, one of the most important components will be naming a personal representative. This person will handle your affairs according to your final wishes.
How do you determine who will be best for this important responsibility?
What does a personal representative do?
A personal representative carries out multiple tasks, including:
- Filing the will with the probate court
- Creating an inventory of your assets
- Paying outstanding debts, and final expenses and filing your last tax return
- Communicating with the beneficiaries to keep them informed of the process and answer any questions they have
- Distributing the remainder of your assets according to your will
While it may be tempting to name your spouse or children as personal representatives, they may not be appropriate for the listed tasks. They are going through a difficult time. Handling the administration of your estate doesn’t give them the time and space they need to grieve their loss properly.
Instead, keep these key qualities and skills in mind as you decide who to name as personal representative:
- Trustworthiness, as they will have access to your financial and personal assets
- Strong organization skills to manage the paperwork and deadlines
- Good communication skills to interact with lawyers, banks, courts and beneficiaries
- Basic financial literacy to handle debts, bank statements, taxes and estate administration
- Time and availability because probate can be a lengthy process that often takes months to complete
- Impartiality to handle conflicts among beneficiaries and keep focused on your wishes
Before naming a personal representative, you want to speak with them about their willingness to take on the role. Consider naming two people who can work together rather than placing all responsibility on one person.
If you don’t have friends or family members who seem like a good fit, you can also consider having a professional personal representative. This ensures that you have someone with experience fulfilling the role and gives you peace of mind that your wishes will be carried out.