When considering their Last Will and Testament, people must decide who they want to inherit their estate. Whether it be a spouse, child, other relatives, friend, or charity, most individuals tend to have some idea of desired beneficiaries. Often however, people haven’t considered who is going to handle their estate. The person in charge, called a Personal Representative or Executor, has a fiduciary duty to handle things properly on behalf of the deceased. There are many things for a Personal Representative to do. Ideally, you should appoint someone who is honest, understands finance, and gets along with the eventual heirs and beneficiaries.
First, the job of administering an estate involves a lot of trust. People often don’t know what is in a loved one’s estate. Thus, it is very important that the Personal Representative be reliably counted on to accurately seek out and inventory all assets in the estate. Appointing someone trustworthy is key to making sure that your last wishes are handled exactly as you wanted.
The job of administering an estate has a key financial component. Assets need to be liquidated. Bills need to be paid. The Personal Representative needs to file legal forms accurately and on time with The Register of Wills. Appointing someone with financial and legal understanding makes it more likely that your final affairs will be handled smoothly, accurately, and fairly.
The ultimate goal of your estate plan is to make sure your estate assets are distributed in accordance with your wishes. The Personal Representative is your ambassador to your loved ones and heirs after you die. However, if they do not get along with everyone, their job can be thankless or impossible. When naming a Personal Representative, you want to make sure that the relationships involved don’t ruin an estate before it begins.
If you have a family member or a friend who fits the above criteria, it’s important that you draft a will making sure he or she is in charge. If you have difficulty making a choice, then it may make sense to name your attorney or a local trust company to handle the job. Hiring Attorney Dennis M. Twigg or Damian L. Halstad to discuss this along with the rest of your estate plan is an investment in guaranteeing that your final wishes are carried out. They provide expert advice to make sure you know all of your legal options. They both have a wealth of experience in Carroll County and have helped individuals throughout the area, including Westminster, Eldersburg, Taneytown, Manchester, Hampstead, Sykesville and Mt. Airy. Dennis M. Twigg is also licensed in Pennsylvania and has many clients in York County and Adams County.