Proper retirement planning means deciding not only what to do with your money, but also deciding who should be in charge of your estate upon your death. As I discussed in my prior post about qualification of a Personal Representative, the person that you choose to administer your estate is of the utmost importance.
In addition to the choice of a proper Personal Representative, another option is choosing a non-resident representative. This would be a person who does not live in your state, but lives in a neighboring state or perhaps one far away.
The non-resident Personal Representative must meet the same qualifications as an in-state Personal Representative. The non-resident must file notice with the court of that person’s acceptance of appointment and the court must approve that filing.
If the Personal Representative later becomes a non-resident, he or she can continue to act as the estate Personal Representative if they give the court and the other beneficiaries notice and they file a bond with the court. The bond, unless waived by the court, is equal to not less than the probable value of the deceased’s personal property, plus the estimated rents and profits derived from the property. The bond must not be greater than the probable gross value of the estate.
A person appointed as the non-resident Personal Representative must take an oath or affirm that they will faithfully discharge their duties according to the law. They must swear to what is best for the estate and must listen to the orders of the court.
Having a good Minnesota estate planning lawyer guide the Personal Representative through this process is a must. The lawyer will be able to interpret the court orders and provide guidance to the Personal Representative in times of confusion.
Whether the Personal Representative is a resident or non-resident, that person has a difficult job to do. Dealing with the grief caused by the death of a loved one is difficult enough without having to worry about how the law works.
For further information about non-resident Personal Representatives, please contact Joseph M. Flanders at FlandersLawFirm.com.
