Choosing who you want to serve as the Personal Representative (also known as the Executor) of your estate is an important, and very personal decision. Although no one likes to think about what happens after they pass, choosing the right person to manage your affairs now will significantly benefit your estate in the future.
What Does the Personal Representative Do?
The Personal Representative is appointed by the Court to manage, administer, and ultimately distribute the decedent’s probate estate. The probate estate is comprised of all assets that (1) were in the decedent’s individual name as of their death and (2) had no designated beneficiary. Most jointly owned assets, assets owned by a trust, and assets with designated beneficiaries (e.g., life insurance and retirement accounts) are not probate assets and, therefore, are not part of the probate estate.
Once appointed by the Court, the Personal Representative is responsible for settling and distributing the estate. Duties include the following:
Depending on the nature and complexity of the decedent’s estate, the Personal Representative may need a high degree of legal, tax, accounting, and other technical skills to complete these tasks correctly. Equally important, the Personal Representative must act in the best interest of all estate beneficiaries. Put simply, the role of Personal Representative is often demanding and time-consuming, involving difficult tasks and strict deadlines. Add to that, the Personal Representative also serves as liaison to the beneficiaries, providing information about the estate and responding to beneficiary requests.
How Do I Decide Who to Name as Personal Representative?
It is common to default to a spouse or a child (frequently the oldest child) when deciding who to name as Personal Representative. However, this may not always be the best choice (or even an option if you do not have a spouse or children, or your children are minors). Naming a family member or loved one who may already be overwhelmed by grief may exacerbate their stress; this could ultimately hinder and delay the administration of your estate. This is especially true if, for instance, you have always handled the family finances and you name your spouse, who may not have had to worry about balancing a checkbook, paying bills, or reviewing account statements for years, to serve in this role.
Even if a family member or loved one has the requisite skills, there may be other circumstances that weigh against naming them as Personal Representative. If, for example, your children do not have a good relationship with each other, naming one of them to serve as Personal Representative is a recipe for conflict (though not as much conflict as naming both/all of them to serve together). Similarly, if you have children from multiple relationships and/or a spouse who is not the parent of some/all of your children, there is significant potential for conflicts to arise if one of them is named as Personal Representative.
Why Should I Consider Naming a Professional Personal Representative?
Naming a professional with the necessary experience and expertise as your Personal Representative is a viable alternative. Unlike a family member or loved one, a professional Personal Representative will not be simultaneously trying to manage both their grief over your passing and the settling of your estate. Furthermore, a professional Personal Representative will be able to act impartially toward your beneficiaries, unburdened by any family dynamics that might otherwise interfere. Lastly, a professional Personal Representative will have the understanding and practice to ensure that even the most complicated of estates is managed as efficiently and seamlessly as possible.
Rockland Trust Investment Management Group is proud to welcome Frank Mulé, JD, Estate Settlement and Trust Termination Officer, to our team. With nearly a decade working as a Trust and Estate Attorney, his extensive experience allows him to guide his clients through the estate administration process, including choosing a Personal Representative.
We firmly believe that each relationship matters and provide the same exceptional level of service to every individual, family, business, and organization. Not only do we have the experience and expertise to manage estates of all levels of complexity, but we also have the personal touch that you can only get with a community institution. We understand that the loss of a loved one is never easy and so we manage each of our estates with the sensitivity it deserves while ensuring that assets are transferred in accordance with the decedent’s estate plan.
If you are interested in learning more about the professional Personal Representative services offered by Rockland Trust Investment Management Group, or if you would like to discuss potentially naming Rockland Trust Investment Management Group as the Personal Representative of your estate, please reach out to your relationship team.
