Who Should Be Your Personal Representative Or Trustee?

A Different Kind of Outsourcing unpleasant for the adult child serving Many years ago my late uncle told as personal representative under your my wife that he was re-doing his bathwill? room plumbing. She responded with Fortunately, your estate plan prosurprise that he had the skills to unvides your fiduciary with the option dertake such a big job. Of course I do, of being the one in charge, not in conhe told her, smiling. I know how to trol. Certain jobs are almost always hire the plumber. outsourced by fiduciaries: for examThis is similar to a lesson I once ple, your trustee will hire a CPA to learned in a management course: do your estate tax return, there’s a big difference beand your personal repretween being in control and sentative will hire an attorbeing in charge. If you’re ney if your estate must go in control, you’re the one through probate. If you are with the wrench and dedisabled and your child pending on your skill, the must sell your home, he blisters. When you’re in will rely on the expertise charge, you outsource, and of a Realtor. hire the guy who knows However, if in setting how to use the wrench. It’s up your estate plan you dea distinction to keep in Joseph S. Karp, cide from the get-go you mind if you (1) appoint a C.E.L.A. would prefer someone betrustee, power of attorney sides a child or other relative to serve or personal representative of your as fiduciary, you can certainly build estate plan or (2) agree to serve in one this preference into your plan. Among or more of these capacities. your options for third-party fiduciarMost people appoint one or more ies: A bank or brokerage trust departof their adult children to serve as ment, or a trusted accountant or attortrustee, power of attorney or personney. It’s always best to find someone al representative. But as a 2005 Wall who is an Accredited Investment FiduStreet Journal article noted (“Timeciary® (a certification I hold), as it ly Tips for Handling Parents’ Estate”), provides assurance the person you’re it’s not unusual for both parents and appointing truly understands the job children to underestimate the extent and its obligations. of the responsibility these jobs entail. As always, see a qualified estate Even if you feel your financial and leplanning/elder law attorney to discuss gal affairs aren’t that complex, there the options that are best for your parare other issues that may make your ticular situation. fiduciary’s job more burdensome than anticipated. Does your power of atJoseph S. Karp is a nationally certified torney live at such a great distance and Florida Bar-certified elder law attorney (C.E.L.A.) specializing in the practice of Trusts, that it would not be practical for that Estates and Elder Law. His offices are locatperson to handle your affairs if you ed at 2500 Quantum Lakes Drive, Boynton became disabled? Is your son’s career Beach; 2875 PGA Blvd., Palm Beach Gardens; and 1100 SW St. Lucie W. Blvd., Port so high pressure that he lacks the time St. Lucie. Call him at 561-752-4550 (Boynto competently administer your estate ton); 561-625-1100 (Palm Beach Gardens); once you’re gone, despite his best inor 772-343-8411 (Port St. Lucie). Toll-free tentions? Are there contentious sibfrom anywhere: 800-893-9911. E-mail: KLF@ Karplaw.com. or website www.karplaw.com lings who are likely to make life