New York Estate Planning & Elder Law Blog
A personal representative named in a Last Testament is allowed to be an out of state resident only if that individual is a blood relative or a relative through an existing marriage. If a representative does not satisfy this criteria, a person is still able to use an alternative to estate administration in the form of a trust. There are several important things that a person should consider when determining who should act as their personal representative.
Tip # 1 – Trust the Person that Is Chosen
The person that is selected to act as a personal representative must have the ability to complete a task accurately and efficiently. This element is important because personal representatives are given the duty of financial responsibility over a person’s estate. As a result, the person chosen to act as personal representative should have displayed the ability to be trustworthy through other examples in their life.
Tip # 2 – The Person Must Be Able to Carry the Responsibilities
Administering an estate can be a daunting task for a person. Many personal representatives are faced with a host of duties that they must perform. As a result, it is a wise idea to select someone that is prepared to handle the challenges of being a personal representative. As a result, the person chosen must be someone who is not daunted by having to perform multiple duties.
Tip # 3 – Understand the Duties That Must Be Performed by a Personal Representative
Before naming a person to act as a personal representative, an individual should understand the various duties that must be performed in this role. A person should select a personal representative who they are certain will be able to fulfill the tasks of a personal representative including:
- Being able to file the appropriate document to close the estate proceedings in a court of law.
- Creating an inventory in written form of the various assets in a person’s estate.
- Determining whether the estate is large enough for the probate process based on the amount of assets left by the deceased person.
- Filing paperwork with the appropriate court to begin the administration process.
- Finding the original will and presenting it to a court of law.
- Identifying any money that is owed to the deceased person’s estate.
- Informing all involved financial institutions and creditors about the deceased person’s death.
- Interacting with the Internal Revenue Service to file the deceased person’s final taxes.
- Keeping very detailed records all things done with the estate.
- Notifying all parties and companies that might have an interest in a person’s estate.
- Re-registering assets in the name of an estate.
Contact a Knowledgeable Estate Planning Attorney
Picking a good personal representative is just one of the many elements involved in successful estate planning. Individuals who would like to create a strong estate plan should consider talking with an experienced estate planning attorney. Call us today to help you begin making sure that you have the strongest estate plan possible.