Testators establishing estate plans have to make many important decisions. They choose to inherit from their estate and decide how to distribute their various assets. They may need to arrange for the protection of their dependent family members.
They also need to choose who administers their estate. An executor or personal representative carries out the instructions included in a will and manages the probate process. Nominating the right person for that role is of the utmost importance. Carefully assessing the three matters below can help testators nominate the right individuals to serve as their personal representatives.
1. Health and availability
A personal representative is likely to face significant stress and must balance estate administration with their personal life and career. Typically, testators need to select someone who is healthy enough to outlive them and to manage the stress that comes with estate administration.
They also need to select an individual who has the time and mental bandwidth to oversee the probate process. People who have children with special needs or particularly demanding careers may not be able to give an estate the attention it deserves. Those with major medical challenges or who live in another state may not be available to manage the probate process when the time comes.
2. Interpersonal relationships
Technically, personal representatives have to either follow an estate plan or the rules enshrined in intestate succession laws. However, some people let their relationships with specific beneficiaries interfere with their job performance as a personal representative.
They may withhold information from certain beneficiaries. Other times, they might improperly distribute resources because of a personal grudge or give one beneficiary preferential treatment when everyone should receive equal treatment. Considering interpersonal relationships carefully can help testators avoid nominating someone who might misuse their position and can help them limit conflict after they pass.
3. Financial stability
Personal representatives could have access to hundreds of thousands of dollars in assets. In some cases, people may abuse that privilege by misappropriating resources for personal gain. They might keep valuable property or take assets to resell. The unfortunate reality is that economic pressure can undermine a person’s sense of ethics and compromise their performance during estate administration.
Nominating a responsible, healthy, organized individual to oversee estate administration is important. Testators may also want to select an alternate candidate in case their first choice isn’t available. Making the effort to carefully address major estate planning decisions can help people to leave a positive and meaningful legacy after they pass. A personal representative plays a critical role in carrying out a person’s last wishes, making their nomination one of the most important aspects of estate planning.