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Most people consider it an honor to be named the Personal Representative or Trustee of a person’s estate. That’s true: it means someone considers you responsible, trustworthy, organized, and clear-headed, as these are all critical traits in a fiduciary. However, it’s more than an honor. It’s also a great responsibility.
Naming a Personal Representative or a Trustee (or both!) is possibly the most important part of estate planning. This is the person who will carry out your wishes, as stated in your estate plan. Naming the wrong person, failing to properly direct assets under their management, or providing inadequate instruction can all result in disaster.
So, let’s learn some more about these important roles, starting with common legal terms everyone should know.
With these terms as a background, we can now explore in more depth what a Personal Representative or Trustee actually needs to do. Stay tuned for part two of this three-part Guide to Understanding Personal Representatives and Trustee.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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