Question

A Good representative does ........

Answer 1

Answer:

When you are thinking about your estate plan, it is easy to focus on the big issues, like deciding who will get your assets, and neglect the smaller, but just as important, decisions. One of such decisions is choosing a competent person to act as personal representative of your estate. Failing to do so could mean that your estate is managed poorly, ends up in probate litigation, or suffers similar undesirable outcomes.

In Michigan, personal representatives carry out many important duties such as:

Identifying your estate's assets

Notifying your creditors of your death and paying valid bills and claims

Protecting and managing your estate's assets

Paying income taxes and estate taxes

Ensuring the estate's assets are distributed according to your will

Since virtually all of the duties the personal representative performs are vital to the efficient running of your estate, choosing a competent person is paramount. Unfortunately, many people do not always put much thought into the choice and default to a close family member. Although this may seem like a sound decision, experts say that qualities other than familial status are more important.