Choosing a personal representative is one of the most important parts of your estate plan. This individual will be responsible for managing your affairs and ensuring your final wishes are honored. Before finalizing your estate, there are important factors to consider.
What are the duties of a personal representative?
Before you make a decision, it helps to understand what a personal representative does. Generally, the role involves managing the key parts of your estate after your passing. The personal representative is responsible for:
- Creating an inventory of your assets
- Paying outstanding debts and taxes
- Distributing property to your beneficiaries
- Filing your will with the probate court
- Managing any legal proceedings related to your estate
Because of these responsibilities, the role may take time and attention. Therefore, it is important to select a person who can manage both financial and administrative tasks.
Who is eligible to be a personal representative?
While you may already have someone in mind, not everyone qualifies for the role. Minnesota law sets basic requirements:
- The person must be at least 18 years old
- The person must be of sound mind
- The person must not have a felony conviction under state or federal law
You may choose a spouse, adult child or trusted friend. However, you can also name a fiduciary, such as a bank or trust company. This may be beneficial if the estate involves complex assets or requires ongoing management.
Can you name multiple personal representatives?
Another consideration is whether you need a backup personal representative in your estate plan. It is common for someone to become unavailable due to illness, relocation or other obligations. Naming a backup personal representative can help avoid delays in probate.
Minnesota probate law allows successor representatives if the original choice cannot serve. The court follows an order of priority when deciding who has the right to appointment. You may also appoint co-personal representatives to serve together. This can help maintain continuity during the probate process.
Preparing your estate plan
Choosing a personal representative is a key part of your estate plan. This person will manage important financial and legal tasks after your death. Take time to consider who can effectively represent your legacy after your passing. When planning your estate, it may also be beneficial to seek legal counsel who can guide you through the process.
