The personal representative of your estate, also known as the executor, has a significant role to fill. Their job is to administer your estate according to the instructions carefully laid out in your Will. They are responsible for settling any debts you owe and distributing your estate to your chosen beneficiaries. Your personal representative is responsible for carrying out your final wishes, so you must choose someone you can trust. Many people choose one of their adult children to fill this role, as children are most likely familiar with their parent’s wishes and may also be a beneficiary of the estate. However, how do you choose a personal representative when you have no kids? Your Millman Law Group attorney can help you find the best person for your estate.
First, Consider the Job To Be Done
No two estates are the same. Consider what your estate needs before selecting your personal representative. Some are straightforward and easy to administer, with simple assets and beneficiaries who agree with every decision. Other estates may contain sophisticated investments best served by a friend or relative with a solid financial background. Additionally, if an estate may face challenging family dynamics, choosing a personal representative with no intimate ties to the family may be best.
Consider the Beneficiaries of Your Estate
As you look for a personal representative and do not have adult children as possibilities, look to the beneficiaries of your estate. There is no reason a beneficiary cannot be your personal representative. In fact, a friend or relative receiving a sizable share of your estate will be motivated to ensure that your estate is administered accurately and efficiently. Additionally, a person you care enough to make a beneficiary of your estate will likely also be dedicated to ensuring your wishes are respected.
Professional Fiduciaries and Attorneys
If none of your friends or relatives fits the bill as your personal representative, consider hiring a personal fiduciary. Many accounting firms, banks, and financial advisors have fiduciaries willing and able to serve as executors or trustees. However, some may charge a fee or only agree to administer estates of specific sizes.
You might also choose a personal representative you already worked with regarding your estate – your estate planning lawyer. Your Millman Law Group attorney is already familiar with your wishes and the necessary procedures for successful estate administration. When you do not have kids to manage your estate or worry that your children will not be up to the job, there are other options that may be best for your needs.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.