When you make a will one of the most crucial and hard choices you will make is who to call as individual agent or administrator. This is the person who is in charge of your estate when you pass away and will need to bind loose ends, pay financial obligations, and distribute everything according to your will.
This decision that you make from who to name as individual agent or administrator can make a big difference in how your dreams are carried out and must be left in the hands of somebody that is totally trustworthy. Who do you call if you have no good friends or family members or none that you consider trustworthy?
If you have no relative or friends, or none that you can trust or is old enough to manage the tasks of being your individual representative, then choosing of who you name as your individual representative can be tough. You can choose who will be the individual representative for your estate in your will or the probate court will choose somebody for you and this individual may not be the best certified or most able to come up with a plan to distribute your possessions. When you are making your will there may come a tough decision if you can think of no one to be your individual agent. You may have children that are too young or you might not have anybody you can trust with the duty. If you name no one as personal agent in your Will the court of probate will name someone for you. The better choice might be a bank trust department or your estate planning attorney.
These people will bring out your desires and have no interest in your estate. They may be entitled to up to five percent of the overall estate as payment, however a set fee might be worked out ahead of time. You can negotiate a set cost that will be compensated from your estate so liked ones will not be directly charged for service that the PR provides.
A neutral 3rd party may also be in the very best position to make challenging choices that may need to be made on how to divide up property or other duties without emotions or hurt sensations getting included that can be present when member of the family serve the function. A third party might be your best choice if nobody else is in position to serve.