An integral part of estate planning is appointing a personal representative as your fiduciary and fiduciary to your estate. If you have a will, you name an executor. If you have a trust, you assign a trustee or successor trustee, depending on the kind of trust you established.
Appointing a loved one might seem like the most logical choice because you trust and love them enough to know they will carry out your instructions accordingly. However, the job of a personal representative can be a burden more than a gift. They must exercise their role with due prudence and a fiduciary standard. You might want to consider hiring a personal estate representative.
Why choose a professional personal representative
Under Florida’s statutes, a personal representative has a fiduciary duty to observe the standard of care applicable to trustees when settling and distributing an estate. They must use the authority you bestowed on them through a will or trust to execute your last wishes according to the best interests of your beneficiaries, heirs and creditors. Your personal representative must do the following:
- Abide by court deadlines and complete legal and financial requirements
- Identify the estate’s assets and obtain a professional appraisal of the estate’s assets
- Dedicate a significant amount of time to managing and administrating the estate
- Settle all outstanding debt and estate taxes, which may require the personal representative to liquidate your estate assets
- Act impartially when conducting affairs between heirs, beneficiaries and creditors
- Communicate effectively with the parties involved to prevent contests and disputes
- Minimize legal and financial repercussions
A professional personal representative will thoroughly understand estate laws and know how to apply those to give your loved ones the best outcome.
Your loved ones may need time to grieve
Losing a loved one is a devastating experience, and you would want to give your family the opportunity to mourn your loss. If you have a substantial and complex estate, it can be difficult to manage, especially for someone who is grieving. People may not always think straight when they are in pain. Appointing a professional personal representative can allow you to safeguard your loved one’s best interests and solidify the legacy you leave behind.