Tips for Choosing the Right Personal representative for Your Estate
The personal representative (sometimes called an “executor” but more commonly known as a personal representative in Utah) you name in your will plays a very important role in administering your estate after you pass away. It’s important to note that a personal representative is the individual that will administer your estate if you have a will. A trustee, on the other hand, is the individual who will administer your estate if you have a trust.
The personal representative’s duties encompass a number of tasks, such as responding to creditors’ claims, inventorying and valuing your assets, and eventually distributing your property according to your wishes. Personal representatives can face many challenges in their role. They often must navigate complicated probate proceedings, resolve beneficiary disputes, and more. As such, the person you choose is very important. Below, our Utah estate planning lawyer outlines some tips to help when selecting yours.
Knowledge of Financial and Legal Matters
Your personal representative does not have to be an expert on legal and financial matters. However, it is recommended that you choose someone who has basic knowledge in these areas, or who will know to turn to professionals when help is needed. There are many legal obligations personal representatives must fulfill such as submitting the necessary documents to the court and adhering to state laws governing the administration of your estate.
Personal representatives must also manage the finances of the estate, which involves maintaining detailed records of all transactions pertaining to the estate and making sure that all taxes are filed properly and on time. It is important to choose someone who can handle these tasks.
Time and Emotional Considerations
Personal representatives must invest a great deal of emotional energy and time into fulfilling the tasks associated with the role. Administering an estate can take several months, or even years in some cases. Personal representatives may have to attend multiple court hearings, which can affect not only their personal lives, but their professional lives, as well. When a personal representative has other obligations, such as a family or work commitments, it can sometimes be difficult to balance these responsibilities.
The role of a personal representative can also be emotionally challenging. Personal representatives are often loved ones of the testator (the person who created the will and is deceased), so they must perform all their tasks while also grieving. If there are disputes between beneficiaries, it can exacerbate the emotional burden. Many people choose a professional, such as an attorney, as a personal representative to protect their loved ones from the emotional toll.
Trustworthiness
One of the most important considerations is that you choose a personal representative who is trustworthy. You must trust that your personal representative will act in the best interest of the beneficiaries and that they will administer your estate in the manner you intended. You must also trust that your personal representative will maintain honest and open communication with beneficiaries, provide regular updates on the administration of the estate, and navigate any challenges that arise.
Our Estate Planning Lawyer in Utah Provides Sound Legal Advice
If you are thinking about planning your estate, it is important to work with a Utah estate planning lawyer. At AGS Law, our experienced attorney can help you identify your goals, draft the documents you need so they are enforceable, and make the entire process as easy as possible for you. Call us today at 801-477-6144 or chat with us online to request a consultation with our experienced attorney and to learn more about how we can help with your case.
Source:
le.utah.gov/xcode/Title75/Chapter2/C75-2-P5_1800010118000101.pdf
