Personal relationships can have a major impact on estate planning. Frequently, testators focus primarily on beneficiary designations. Picturing a loved one enjoying their inheritance and using it to improve their life can make a testator feel positive about the impact their legacy could have on others.
It is important for testators to take the time to choose appropriate beneficiaries and to allocate specific assets to the people they select as beneficiaries. It is equally important for a testator to think carefully about who they nominate for positions of trust during the probate process.
Testators drafting wills have the option of choosing their own executors or personal representatives. The individual they select has a responsibility to manage their resources and distribute them in accordance with estate plan instructions. How do testators choose the right person to carry out their last wishes and uphold their legacy?
Looking at the big picture
Sometimes, people make the mistake of immediately selecting a personal representative based on relationship status. They choose a child or other family member with whom they share a close bond.
However, someone dealing with complex grief after an individual passes may struggle with the responsibilities of estate administration. They may have a hard time setting aside their emotions to focus on the practicalities of the probate process.
The right personal representative isn’t necessarily the individual with the closest relationship to the testator. Instead, the best candidates are people who are young and healthy enough to accept that responsibility and fulfill their role in the future.
They must also be organized and responsible enough to handle the various demands of estate administration. Thinking about how long it may be until estate administration occurs and the way that different individuals have handled stressful personal situations can help testators create a list of viable candidates.
Discussing the role with candidates
Nominating someone without obtaining their consent first can be a major mistake. The courts do not force people to serve as personal representatives. The individual that a testator selects can decline the responsibility after their passing.
Therefore, it is important to discuss estate administration with candidates to ensure that they agree to take on that role. Testators can then make a final selection based on who fits the criteria and agrees to take on the often stressful responsibilities of estate administration. In some cases, testators choose to nominate an alternate in case the representative they select as their first option has a change in circumstances or is incapable of fulfilling their duties when the time comes.
Taking the time to carefully select a competent and trustworthy personal representative is a key component of estate planning. Testators who have trustworthy people named in their wills can feel confident about the legacy they intend to leave when they pass.