How can you choose a reliable personal representative when you don’t have adult children? Consider these options.
Your estate’s personal representative, or executor, has a significant role. Your personal representative is tasked with administering your estate according to the instructions laid out in your Will. This person must settle any remaining debts and ensure all beneficiaries named in the Will receive the appropriate assets. This person is responsible for carrying out your final wishes and helping the estate administration process go as smoothly as possible. When crafting your estate plan, you are required to choose your personal representative. Many people select one of their adult children to fill this role, as they are most familiar with their parent’s wishes. However, not everyone has children, or children which are appropriate choices for a personal representative. What can you do then? Consider these factors when considering which friends, relatives, or professionals may suit the role.
Assess the Work to Be Done
No two estates are alike. Some are relatively easy to administer with simple assets and beneficiaries who get along. However, some estates, such as those with sophisticated investments, are better served by a personal representative with a strong financial background. Additionally, if there are challenging family dynamics involved in an estate, it may best be served by a third-party executor who is not directly involved in disputes.
Consider the Beneficiaries of Your Estate
Before you choose a personal representative, consider the beneficiaries of your estate. A friend or relative receiving a sizable share of your estate has a reason to ensure that your estate is administered efficiently and correctly. Additionally, someone you care about enough to make a beneficiary is likely also someone you can trust to respect your wishes after your death regarding the rest of your estate.
Trust a Professional
If none of your friends or family members feels like the best fit for your personal representative, consider trusting a professional. Your attorney at The Milman Law Group, who assisted you in drawing up your estate or Will, can act as your personal representative. This can be especially helpful if you believe that your relatives or adult children you do have will be unhappy with parts of your estate plan. To reduce familial conflict, choosing a personal representative with no personal ties to your family or estate may be best.
If you don’t have adult children to assign as your personal representative, that doesn’t mean you cannot find someone else to trust with your estate. Consider the responsibilities involved, and choose someone equipped to handle them.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.