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Who to name as personal representative of your estate

On Behalf of | Mar 11, 2022 | Uncategorized |

Someone needs to deal with your estate when you die. Colorado allows them to receive only reasonable compensation and costs. It is something many people would consider not worth their time.

Anyone that agrees to do it is essentially doing you a favor so straight away that narrows down your options.

Family is the obvious place to turn

However much you disagree and argue, family is who most people turn to in serious situations. If you do choose a family member, consider how it will affect relations between them.

Let’s say you have three children. If there is even the slightest possibility that the other two might accuse the child you name of manipulating things for their benefit, choose someone else. This will be a higher risk if the child you choose is set to get a larger portion than the others.

Your siblings may be a better option, preferably one who is the same age or younger than you. Their neutrality can help avoid conflicts. Being older than your kids means they should have the life experience to handle the task. Being younger than your parents means they are less likely to die before you.

Close friends are another option

This can be a good option as they should be neutral. You might even agree to assume the role for each other, although only one of you will be able to fulfill that promise.

Whoever you choose, neutrality is not the only criteria they should meet. Honesty is crucial, but so is availability and ability. Naming someone who emigrated or moved across the country will complicate matters. Choosing someone with many other commitments could delay the process. A disorganized person or someone terrible at math or paperwork is likely to make costly mistakes.

The personal representative does not need to do it alone. They can seek legal help to guide them through this important task.