Retirement Planning | Qualification of the Personal Representative

Retirement planning means that you will have to choose a loved one to administer your estate upon your death.  The person you choose is often a spouse, child, sibling, or other trusted person.  This person is often referred to as the “Personal Representative” or “Executor” of your estate.

In many states the Personal Representative must be “qualified” under the law to be able to serve as the guardian of your estate assets. Qualification under the law of many states includes such requirements as:

• The personal representative must be at least 18 years of age
• Cannot be mentally incapacitated
• Cannot be convicted of a felon in the United States or in any state or territory of the United States
• If a corporation, it must be authorized to do business in the state
• The personal representative cannot be a person that the court finds unsuitable.

As I discussed in a prior post about Will Contests, a beneficiary can contest a Will or a Trust in a court of law.  One of the grounds for disputing the estate planning documents is that the personal representative is unsuitable by way of being dishonest, exerting undue-influence over you, incompetency of the Personal Representative, or that the Personal Representative was not taking the best interest of the beneficiaries into account when he or she administers your estate.

In some states, a non-resident individual or even a corporate fiduciary may qualify and serve as a Joint Personal Representative with a resident Personal Representative by filing a petition to do so with the court and, at the discretion of the judge, filing a bond for an amount similar to the total value of the deceased person’s personal property.  If you desire to have a Joint Personal Representative, this is something you must discuss with your lawyer.

Serving as a Personal Representative is an important responsibility.  Individuals who are conducting estate planning must choose a Personal Representative wisely.  Speaking with the person whom you plan to name as the Personal Representative is a must and it wouldn’t hurt to discuss the same with the other beneficiaries or heirs of your estate.  Finally, make sure that your discuss the appointment of the personal representative with your Minnesota Estate planning attorney.

For more information about drafting estate planning documents and the qualification of the personal representative please contact Joe Flanders at Flanderslawfirm.com.