Your Last Will and Testament is one of the most important documents you will ever sign. Within that document, you will name someone to act as your estate’s executor or personal representative. Your personal representatives will make decisions and take actions that affect your loved ones. Knowing what to look for in a personal representative may make your decision a little easier.
A Personal Representative Is a Fiduciary
Fiduciaries are people or entities who are trusted to handle property for someone else’s benefit. Banks are sometimes called fiduciaries.
Responsibilities of an executor or personal representative include:
- Gathering and protecting estate assets,
- Managing estate assets, and
- Distributing property according to the terms of the Will or the laws of the State of Alabama.
Because of the importance and sensitivity of these tasks, it is important to consider individuals carefully before deciding on an executor.
A Personal Representative Is Prudent
Someone who is prudent acts with care and thought for the future. Alabama state law notes that a personal representative may take a wide range of actions on the decedent’s property, including:
Voting on stocks, executing and filing deeds, receiving and retaining assets, insure estate assets, borrow money, deal with contracts and creditors, pay taxes, and so on.
A Personal Representative Is Diligent and Detail-Oriented.
Gathering and maintaining assets requires someone who is hardworking and who sweats the details. Even small estates need someone who will find all the assets, no matter where located. And the family of the decedent needs someone who can protect and maintain assets of every type. Insurance may need to be purchased, licenses and registrations obtained, and investments monitored.
A Personal Representative is Loyal
As fiduciaries, personal representatives owe a standard of care to the estate, to you, and to your family. Look for someone who is willing and able to honor the preferences set forth in your Will.
Personal Representatives Are Patient and Diplomatic
Disagreements and disputes among family and heirs may turn into a family feud during probate. It’s not easy, but a personal representative must have the patience of a saint sometimes when dealing with distressed heirs and family members. If this sounds like your family, choose a personal representative with conflict resolutions skills.
Talk to an Experienced Alabama Estate Planning Attorney.
The attorneys at Miller Estate and Elder Law help clients like you make thoughtful decisions about their estate plans. For a free consultation, contact us at 256-251-2137 or use our convenient Contact Form. Although we’re located in Anniston, we also help clients in the Birmingham, Gadsden, Hoover, Talladega, Vestavia Hills, and surrounding areas.