One of the most common conversations I have with clients during the estate planning process is related to the role of the Personal Representative. This is the person you name in your Will to handle your estate, and the role carries a number of responsibilities. Some common questions are:
Who should I name as Personal Representative?
What does this person do?
Should I name my spouse?
Can I name two or more people?
Generally, you want to name someone who is close to you and who understands your wishes. This is often a person’s spouse, but it can also be an adult child, depending on the situation. You want to choose someone who is responsible and competent to handle financial assets.
The main role of the Personal Representative is to gather all of your assets and distribute them according to the instructions stated in your Will. Depending on your estate, they may also need to file paperwork with the Court.
You can certainly name multiple people as Personal Representatives, but I only recommend doing so if the individuals have a good relationship and you trust both of them with financial matters.
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