Anyone who is nearing retirement or is already retired should be thinking about establishing estate planning documents and strategies. Your Michigan estate Personal Representative is a person who is appointed to manage your estate in the event that you pass away. The Personal Representative is either named by you in your Will or, in the absence of a Will, determined by the Probate Court. In many states, your Personal Representative is called your Executor. The person you designate as your Personal Representative should be someone that you trust.
Even though your representative does not have to be an outright financial professional or attorney, it is strongly advised that you select someone that has at least some experience in both of these areas. In the event that your Personal Representative does not have financial or legal experience, this person should be willing and capable to seek out advice from qualified professionals when carrying out duties.
Questions to ask yourself when considering who to install as a Michigan personal representative include:
- Is this person diligent? Do they have follow-through?
- Do they live in another state or another country?
- Does the person have responsibilities that could minimize his or her ability to help you?
- If my first choice was unable to act, who would I want as back-up?
Make sure that you consider choosing a Michigan estate Personal Representative who has the ability to resolve conflicts. Beneficiaries and family members all too often can argue about the distribution of property, and it will fall to your Michigan estate representative to address these conflicts promptly and professionally.