A critical element of estate planning is selecting the right person to administer your estate.
When we think of estate planning, our focus is often on taxes, bequests, and asset distribution. But an equally important decision is who will carry out your wishes when you die.
The person responsible for settling a deceased person’s estate is the executor or personal representative (the term used in Florida). Choosing that person is one of the most important parts of estate planning.
After your death, your personal representative is responsible for paying your debts, distributing your assets, and managing your estate during the process. Even with a modest or well-planned estate, this can be a substantial amount of work.
How do you select the right person for this important job?
Begin by understanding the legal requirements. Under Florida law, to serve as a personal representative, an individual must be at least 18 years old, mentally competent, and not a convicted felon. Nonresidents must be a close relative of the decedent in order to serve. Banks and trust companies authorized to do business in Florida may also act as personal representatives. Under certain circumstances, an attorney may serve as your personal representative.
Beyond the legal requirements, be sure the person you choose is both intellectually and emotionally qualified to handle the work. Do they have the business and financial acumen necessary? What about the patience and diplomatic skills required to deal with your heirs? Are they trustworthy, organized, and reliable? And if they’re qualified, do they have the time? Settling an estate can be a time-consuming process that might take a few months to several years and hundreds of hours.
Before you name someone as a personal representative in your will, get their permission. Talk to them about what they will have to do. Tell them how your estate is structured and the resources you have set up for them. Let them know what challenges they are likely to encounter. While it’s not mandatory that they have a copy of your will prior to your death, it’s a good idea for you to provide them with that and any other documents they’ll need.
To support your personal representative, be sure you have followed through on every element of your estate plan. All of your accounts and assets need to be properly identified and titled, no matter the size or value. And when your circumstances change and you update your will, let your personal representative know. That’s also a good time to check with your personal representative and confirm that they’re still willing and able to serve.
It’s a good idea to choose an alternate or successor personal representative in case your first choice is unable to serve for any reason. Go through the same process as you did in selecting your original personal representative. If you don’t name an alternate and your designated representative cannot serve, the court will appoint a personal representative.
Should you be someone’s personal representative?
If you’re asked to be a personal representative, weigh the request carefully. Don’t feel obligated to say yes. Remember, this is a major commitment, not simply an honor. Ask questions about the estate and what you’ll have to do. Discuss it with your spouse and perhaps other trusted advisors. Then do a check with your inner peace-ometer—are you genuinely at peace with accepting this role or are you feeling pressured? Trust your intuition when you accept or decline.
Remember, making a will and choosing a qualified personal representative to carry out your wishes is part of sound Christian stewardship and your last opportunity to use what God has entrusted to you for his glory.
Related: “Your Path to Flourish: 10 Areas Where Great Advice Makes the Difference”
