When someone dies, they need a reliable personal representative to manage their estate. Whether your estate is large or small, this person needs to be effective at administration of your estate.
Choosing the right personal representative (sometimes known as an executor) is important for many reasons. It can greatly impact how smoothly the process goes. Let’s take a look at why having the correct person is critical:
- Efficient Administration – the person should be someone you consider to be very responsible, who will ensure that the estate is administered efficiently and effectively. This includes managing and distributing assets, paying debts and handling the necessary legal matters.
- Honoring Wishes Correctly – it is critical to choose someone who you know and trust. The estate planning attorneys at Quinlivan recommend discussing your intentions with the person first, so they are aware of your choice and know your wishes.
If the representative is not trustworthy or diligent, they might not carry out these estate-related wishes properly. This can cause disputes among family members and lead to a loss of trust.
- Managing Finances and Debts – Handling the finances of the individual who passed is a huge part of the personal representative’s duties. They must pay any outstanding debts, distribute inheritance(s) and ensure they file taxes correctly.
A person with good financial sense and attention to detail will perform these tasks effectively. If the personal representative lacks these skills, it can result in financial mistakes which might cost the estate a lot of money.
- Dealing with Legal Tasks
There are many legal and administrative tasks a personal representative must handle. This includes, but is not limited to, filing the right paperwork with the court and notifying banks and other institutions about the death.
An organized personal representative will meet all deadlines and keep everything in order. On the other hand, if the representative cannot stay organized, it can lead to delays and additional worry for the family.
- Reducing Stress for Loved Ones
Grieving the loss of a loved one is a difficult process. Having a capable personal representative can reduce some of the stress for family members. They will know that someone reliable is taking care of everything, allowing them to focus on healing. If the representative is not capable, it can add to the family’s burden and make a tough time even harder.
Selecting the right personal representative can significantly impact the efficiency, fairness, and overall success of estate administration. It’s essential to choose someone with the appropriate skills, integrity, and dedication to fulfill this vital role.
The experienced estate planning attorneys at Quinlivan & Hughes are here to help you navigate this and other decisions regarding your estate. Contact us today!
