Choosing the right personal representative for your estate is an extremely important decision. Personal representatives take on responsibilities and duties that will affect loved ones. This is not a decision to be taken lightly, so you may want to consider some of the following qualities when looking for your ideal personal representative.
Most of a personal representative’s duties begin as soon as they are appointed. So, you’ll need someone who will immediately start working on estate administration.
Larger estates may create large headaches for the personal representative. Patience may not be in great supply with creditors and beneficiaries. They all want payment, and they want it now.
The personal representative must focus on orderly and expeditiously administration of the estate while keeping in mind the best interests of all interested parties.
Personal representatives deal with money, investments, and assets that must be appraised. An understanding of financial principles is necessary in order to properly manage such assets.
A personal representative is a fiduciary, someone who can be trusted. As such, fiduciaries owe a standard of care to the estate.
In choosing your personal representative, look for someone who will act according to the preferences you’ve included in your Will. How your estate is handled will directly affect your beneficiaries, so you need someone you can trust.
Estate administration includes locating and managing estate assets. A personal representative may need to provide a safe environment for some assets and insure them. Other assets – like investments – may lose value if not handled in a timely manner. If the deceased person was a business owner, immediate steps may need to be taken to ensure continued operation.
Personal representatives must be organized and attentive to details.
Even loving families may erupt into family feuds during probate.
A personal representative must be able to deal with stressed family members. Conflict resolutions skills may prevent small problems from blooming into Will contests and litigation.
Florida executors must be residents of the state of Florida unless they meet certain criteria.
As a Florida attorney board certified in Wills, Trusts & Estates, Attorney John Mangan offers effective estate planning to his clients. To schedule an appointment, call us at 772-324-9050 or fill out our Contact Form. Our office is conveniently located in Palm City, Florida.