In our previous post, we discussed some of the benefits of the irrevocable life insurance trust. That is only one option that you have when it comes to creating your estate plan. While the components of your estate plan will vary depending on your personal situation and the goals of your estate plan, one constant point that you have to consider is who is going to be the personal representative of your estate.
A personal representative has some very important duties that can have a significant impact on your estate. The personal representative is responsible for distributing the assets in your estate, paying creditors when payments are necessary, paying taxes on your estate, investing when necessary and reporting to beneficiaries. We know that deciding who should hold this position is a difficult decision for many people.
We can help you explore your options for who you should name as a personal representative. There are several options that you should consider before making a final choice. You might decide to use a trust company or a family member. When you are thinking about these options, you should understand how each choice might affect your loved ones when you are gone. You can then make the decision that you think will best serve your loved one's needs once you pass away.
When you are gone, we can help your personal representative to ensure that they do what they are legally required to do. We can try to help take some of the stress off of your loved ones during a very stressful time in life.