Tips for Choosing the Right Personal Representative for Your Estate
The personal representative you choose has an important role in managing your estate after you have passed away. Essentially, your personal representative fills the gap between the legal system and your heirs and beneficiaries. Personal representatives are responsible for many tasks, including identifying the property within your estate, valuing them, and ultimately distributing them to your beneficiaries. These are just a few of the important duties your personal representative will have and so, it is important that you choose wisely. Below, our Utah estate planning attorney outlines some tips when choosing yours.
Legal and Financial Knowledge
Your personal representative does not have to be a legal or financial expert or professional. However, they should have some financial and legal knowledge. Your personal representative will have to meet certain legal obligations such as submitting the necessary documents to the court and complying with state laws governing estate administration. Failing to understand these legal implications can result in delays when property is distributed, or lead to legal disputes.
Your personal representative must also manage the finances in your estate. This ensures accurate records are maintained at all times and that taxes are filed properly and on time. A personal representative may also have to manage financial issues, such as disputes over property valuations. It is important to choose someone who is fairly familiar with these issues, or who can hire an attorney or financial advisor to help.
Trustworthiness
Personal representatives have a fiduciary duty to the beneficiaries as well as to the estate. You must ensure that they will handle the property within the estate in accordance with your wishes and make decisions that are in the best interests of your beneficiaries. Personal representatives must also be transparent, submit regular accountings, and always act with integrity. These are very important qualities to consider when choosing a personal representative.
Good Organizational Skills
The role of a personal representative requires extraordinary organizational skills and attention to detail. They must oversee many tasks, including creating an inventory of property, pay debts, file taxes, and distribute inheritances. This requires an analytical approach to make sure that nothing gets overlooked and that all of the tasks are accomplished in a timely manner. Personal representatives who are organized can better manage the estate’s affairs, keep track of important documents, and coordinate with financial and legal professionals.
Good Communication Skills
Good communication skills are critical for personal representatives because they have to communicate with a number of professionals during the administration process. They must communicate with beneficiaries and others effectively, provide updates, and address any questions or concerns that may arise.
Our Estate Planning Attorney in Utah Can Provide the Legal Advice You Need
Choosing the right personal representative for you is an important decision, but it is also just one you will have to make during the process. At AGS Law, our Utah estate planning attorney can answer all of your questions and provide the legal advice you need to ensure your wishes are fulfilled and your estate is managed effectively. Call us now at 801-477-6144 or contact us online to schedule a consultation and to get more information.
Source:
le.utah.gov/xcode/Title75/Chapter3/75-3-S703.html
