It can raise a lot of questions when a family member or friend invites you to be the personal representative of their will. They may assume that you are responsible, organized and capable of handling the fiduciary responsibility of managing their estate. This is an honor, but this is also a great deal of work.
Responsibilities of a Personal Representative
Before you agree to serve as an executor of someone’s will, make sure that you have clarity on your responsibilities. Personal representatives can all too easily get overwhelmed with paperwork, documents that must be filed with the federal and state government, or even responsibilities such as paying tax bills from the money inside the estate.
The Importance of Proper Estate Planning
Furthermore, personal representatives in MA have what is known as a fiduciary duty to the estate itself and to the beneficiaries of that estate. This means they could become subject to lawsuits about liability if a frustrated family member or other heir lashes out and files suit. This is a big job that can become even more complicated when there are complex assets inside or when it is difficult or impossible to find some of these assets. Before you agree to serve as a personal representative to someone’s will, make sure that they have completed the right estate planning steps.
Meeting with an Estate Attorney
Having all of their estate planning documents completed and properly filed will greatly reduce the stress that you experience and will make it much easier for you to move forward. If you’d like to create your own estate plan and name an executor, now is the perfect time to meet with an estate attorney in Massachusetts.
