How to Understand the Personal Representative Role

September 10, 2021

When you complete your estate planning the core document that you’ll likely complete is a will. In this will you will name a personal representative or an executor who is responsible for estate administration when you pass away. The executor or personal representative is an individual responsible for administering your estate and in creating a will you have the ability to name this person.

Bear in mind that the person selected to serve in the role of personal representative, however, can decline it. Your will should name this person and you should also go the extra step of informing them of your intention to name them. If you have already been named the personal representative of someone’s estate and you have questions about your responsibilities, this is a common issue and one that you should broach with an experienced probate lawyer.

By having a conversation with a family or friend that you wish to name as your personal representative, you will make sure that they understand these responsibilities and are comfortable in serving in this way. Far too many family members find themselves in the difficult situation of attempting to navigate probate when they never anticipated being in this position.

When naming a personal representative you should also think carefully about some of the other issues to address in your estate plan, such as naming a guardian for any minor children or whether or not you intend to make gifts to charity. The establishment of a trust can help to support the will that you create as well. Do not hesitate to get help from an experienced and knowledgeable lawyer when you need to create your estate plan.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

How Do You Know When You Can Retire?

Retirement isn’t just about reaching a certain age—it’s about knowing your finances can support the life you want. Learn the key questions to ask before making the transition. How Do You Know When You Can Retire? For many people, retirement is one of life’s biggest milestones. ...

<p>The post How Do You Know When You Can Retire? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Inherited IRAs: What Families Need to Know When a Spouse or Adult Child Inherits a Retirement Account

Understanding the rules for inherited IRAs is essential to avoiding costly mistakes. Learn the key differences between spouse and non-spouse beneficiaries, required distributions, and important planning considerations. An Individual Retirement Account (IRA) is often one of the ...

<p>The post Inherited IRAs: What Families Need to Know When a Spouse or Adult Child Inherits a Retirement Account first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Mid-Year Planning Checklist for Business Owners and High-Net-Worth Families: Estate, Tax & Financial Strategies to Review Before Year-End

Mid-year is the ideal time for business owners and high-net-worth families to review estate plans, tax strategies, retirement planning, and wealth transfer opportunities before year-end. As the calendar reaches its midpoint, many business owners and affluent families are focused on growing their businesses, managing investments, and enjoying the summer months. However, mid-year is also ...

<p>The post Mid-Year Planning Checklist for Business Owners and High-Net-Worth Families: Estate, Tax & Financial Strategies to Review Before Year-End first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>