Your estate is your most vital asset. Gifting your estate to your loved ones after your death is a powerful tool to preserve your family’s future.
After you pass, a Personal Representative (known in some states as an “Executor”) of your choice honors your final wishes by settling your estate. According to CNBC, your choice of representation requires careful thought.
Understanding the Role of Your Representative
The Personal Representative is one of the most important people in your estate plan. This individual should be someone you can trust to carry out your wishes and follow your personal values when settling your estate. The representative has various tasks to complete, including:
- Filing your will
- Closing your accounts
- Paying off your debts
- Distributing your assets
A Personal Representative’s job lasts until your estate settles, which takes an average of 16 months.
Approaching Your Potential Personal Representative in Advance
Never surprise a loved one with the role of Personal Representative. Instead, discuss the role with the person to gauge whether he or she is interested in executing your estate. A successful Personal Representative must balance his or her life with the duties of a Personal Representative. If your first choice has familial obligations on top of a stressful career, you may want to consider finding another person to fit the role. Remember that on top of all your Personal Representative’s personal obligations, they will also be coping with your loss.
Established more than 100 years ago, Quinlivan & Hughes ranks among the oldest and largest law practices in Central Minnesota. The full-service law firm has growing legal teams in the areas of employment law, business law, government law, insurance defense, trust and estate planning, and general litigation. Learn more at Quinlivan.com.