Creating an estate plan is one of the critical duties that every adult should do, but that many don’t really think about. There are several decisions that you have to make when you’re doing this. One of those is who you will name as your personal representative.
The person who you appoint for this duty is responsible for making sure that your estate is administered in accordance with the law. In Tennessee, this means that they will have to file the will with the chancery court, which will initiate the probate process.
There are several considerations that you have to think about when you’re trying to decide who to name. Some of the primary factors include:
Ability to make decisions under pressure
Your personal representative has to be able to make decisions that follow your wishes. There might be times when beneficiaries don’t agree with your wishes, so your personal representative has to be able to stand up to them to ensure that they comply with what you wanted.
Financially savvy and able to follow instructions
The person you name as your personal representative has to be able to care for the financial affairs of the estate. This includes duties like filing the tax return, paying debts, taking care of the estate’s bills and getting assets to beneficiaries. Some of these have to be done in a specific manner, so they have to be able to follow those instructions.
Your personal representative is only one of the decisions you have to make when you’re setting up your estate plan. Ensuring you have everything in order can help to give you peace of mind and provide your loved ones with clear instructions about how to handle your affairs.