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Introduction: Every Will Needs a “Personal Representative”
Selecting a good personal representative is one of the most critical parts of drafting and executing a last will and testament. Essentially, the personal representative is the individual appointed to oversee the implementation of the terms of the will when the will creator passes away. The personal representative “manages” the will, ensuring that debts are paid and assets are correctly distributed to beneficiaries. In effect, the personal representative is like the trustee of a trust: both individuals are tasked with managing their respective entity, and both have firm obligations which cannot be broken without consequence.
Importantly, if a personal representative isn’t selected by a will creator, then the State of Maryland will appoint someone based on default rules. Generally, this isn’t something most people would prefer, and so the selection of a personal representative is the preferred route.
When selecting a personal representative, what sort of considerations should be taken into account? Let’s examine this issue in detail.
Qualifications: The Primacy of Trust & Dependability / Competency
When selecting a personal representative, perhaps the two most important qualities to look for are trust and dependability. The personal representative has access to sensitive information, and is tasked with very critical things; you need to be able to firmly trust that this individual will carry out his or her instructions without deviation or failure. There have been many instances involving personal representatives who simply failed to notify certain beneficiaries, or even absconded with large sums of money or assets. Obviously, this is something everyone wants to avoid, and so choosing a trustworthy personal representative is paramount.
Dependability and competency are also necessary qualities, because sometimes properly administrating a will can be challenging. Decedent’s often have complex debts and liabilities which need to be settled, and this often requires research and problem solving. You need to be certain that your personal representative is dependable and competent enough to fully implement all the terms of the will without any serious mistakes.
Be Conscious of How Your PR Relates to Other People
In most cases, will creators end up choosing either a spouse or close relative as their personal representative. This is all well and fine, but will creators must be conscious of the relationship between their selected personal representative and other people referenced within the will. What happens, for instance, if the personal representative doesn’t have a decent relationship with certain beneficiaries? It’s very possible that personal representatives may simply fail to contact specific beneficiaries out of spite or ill feeling. This may be a sad reality to contemplate, but it is still relevant and something which must be taken into account.
Ultimately, the selection of a personal representative is an immensely important decision. This is a decision which should be carefully thought out and considered, because otherwise there could be very significant negative ramifications.
Contact the Murphy Law Firm for More Information
If readers would like more information on selecting the right personal representative, trusts, wills, estates, or another estate planning matter, contact one of the estate planning attorneys at the Murphy Law Firm today by calling 240-219-5243.
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