Hi
It is just as important to make sure your estate is set up with as much (or more) care than your business. Creating a will is one very important step to ensure things go smoothly when you
die.
When you are creating a will, the lawyer is going to ask who you want to act as personal representative. The personal representative is the individual who does all the leg work after you are gone. He or she may need to pay your taxes, manage any businesses you own, represent your estate at court, and distribute or liquidate your assets. Because of all these responsibilities, there are traits that you will definitely want to look for in whom you
appoint as your personal representative.
- Good with money. The personal representative will be dealing with your bank account, life insurance money, taxes, selling assets, and many more money related issues.
- Trustworthy. You don't want the personal representative running off with any money that frees up after you have died.
- Location. The farther away the personal representative lives from where you and
your assets are, the more difficult the required leg work will be.
- People skills. You want someone that has a good relationship with other members of the family. Any death of a loved one will create an emotional strain. You do not want your representative to add to that strain for the family.
- Organized. All the separate tasks involved can be a little too much for some people to handle. If the personal representative can be organized, the probate process
will be much easier. The representative is going to have to catalog all of your belongings and so being detail oriented and organized will be very important.
- Willing and able. All the skills in the world won't help if they won't make or don't have the time to do it.
The perfect personal representative would have all of the traits listed above. Unfortunately, not everyone does. You may need to weigh the advantages
and disadvantages of different individuals close to you before coming to a decision. Make the best decision you can at the present, and be sure to change your will to name a different representative if circumstances indicate a need to do so.
Lee Phillips