Choosing the right personal representative for your estate is a critical decision. As the executor or administrator of your estate once you are gone, it is paramount that you pick someone who has your interests at heart.
In addition, they will likely take on decisions that will affect your loved ones, so you need to choose carefully.
What are the hallmarks of a good personal representative?
Ultimately, you want to look for someone who is:
- Loyal and trustworthy. These are perhaps the most important qualities that your personal representative should have. Their loyalty and trustworthiness to you should be unquestionable, which will ensure your wishes are carried out to the letter.
- Organized and detail-oriented. Part of estate administration includes locating your assets and managing them. As such, you may want a person who pays attention to detail and is organized.
- Financially knowledgeable. Given that your personal representative will be handling your assets and estate liabilities, it is essential that they are financially savvy to look after your estate properly.
- Patient and diplomatic. Family feuds may arise, and you may not want someone who easily flares up. They must be able to deal with the wide range of emotions from family members and amicably settle any disputes that may arise among your dependents.
When making that important call in your estate plans, consider the size of your estate and any issues that may arise along the way. Learning more about what needs to be done with an estate may help you make an informed decision as you proceed with your estate plans.