Page 28 - BusinessWest April 15, 2024

Settling an Estate Can Be Unsettling
Why the Assignment Is Best Left to a Professional
BY LINDA DAGILUS, STEVE HAMLIN, AND JANICE WARD
“Those with estates, and especially large estates or those with complex assets, should think carefully about whom they choose to be their personal representative to administer their estate after they pass.”
Years ago, they might have been known as an exec- utor or, in the case of a woman, an executrix. And you still hear those terms occasionally.
But today, the phrase commonly used in reference to an individual handling someone else’s estate is ‘per- sonal representative.’ And while the title may have changed, the responsibilities haven’t. They are signifi- cant, and there may actually be more of them today — a list that includes everything from the administration
of a will to the handling of funeral arrangements; from preparing a final accounting and tax return to selling an estate; from investigating all claims against an estate and handling them accordingly to, yes, finding a home, or homes, for the pets of the deceased.
This broad and imposing range of responsibilities explains why those with estates, and especially large estates or those with complex assets, should think carefully about whom they choose to be their personal representative to administer their estate after they pass.
While family members have historically handled these duties, increasingly individuals are leaving these matters to third-party professionals, specifically trust officers — and for very good reasons. The most basic is the often-uncomfortable reality that settling an estate can be an unsettling experience, one that can poten- tially damage and destroy personal family relationships and result in mistakes that a professional might other-
LINDA DAGILUS
STEVE HAMLIN
JANICE WARD
wise avoid.
But there are many reasons why individuals are
increasingly looking to professionals to be personal representatives. First, they may not have family to turn to, or family they would consider qualified. Indeed, this is a considerable amount of work, some of it complex in nature, to put on someone who is not an expert in this area and has never done it before.
Also, many people simply don’t want to saddle a loved one with all that responsibility, especially at what will likely be a difficult time for them emotionally and when they are also likely juggling many other aspects
Estate
Continued on page 30
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