Articles of Interest

Selection of a Personal Representative

by Jeff Cory, CFP, ChFC,
Executive Director

One of the most difficult decisions you will have to make is the selection of a personal representative to administer your will.

The administration of a will is a highly technical job, governed by Florida law. It may also be a highly controversial job, often dealing with relationships among family members, friends, and charitable organizations.

A Case In Point...

Barry was appointed personal representative of his father's estate. He was the oldest son, so his father felt he was the logical person for that position. Besides, he thought it would be expensive to hire a bank or trust company to do the job, and wouldn't it be better to "keep it in the family?

The estate instrument was a properly drafted will, making a charitable gift and equal distribution to the children. But problems began when Barry's brother asked him to transfer the property containing the home to him. He felt the request was justified, because he had lived there for several years and took care of the property maintenance.

But there was disagreement by the other family members. The brother had not paid rent during that time, and several felt that he had been well paid for the care he provided.

This was only the beginning. When it came to distributing items of personal interest, the family division grew deeper, causing ill feelings toward Barry as the personal representative, which have never mended.

The purpose of estate planning is not only to avoid taxes, minimize probate expenses, and distribute property according to your wishes. It must also be done to emphasize the fact that people are important.

The choice of a personal representative is extremely important. Choose with care. If you'd like to learn more about The Legacy Foundation's estate settlement services, contact us today at 466-8484.