When we meet with our clients to discuss the design of their estate plan, their initial inclination is to designate a child (or children) to handle their affairs when they pass away. This includes naming the child (or children) as Personal Representative under their Will or as Successor Trustee under their Revocable Trust. We often refer to these titles generically as a "fiduciary" or "fiduciaries." Often times, our clients believe that their child (or children) is the most appropriate individual to handle the estate and/or trust administration responsibilities. Frankly, this can be an enormous task for a child (or children), especially if the individual does not live in the Southwest Florida area.

A Wall Street Journal article (from a year or so ago) discussed this very issue and concluded that a child (or children) may not always be the appropriate individual to handle the task. To assist our clients with the administration of a loved ones estate, we have prepared a client memorandum that outlines the Role of the Personal Representative in an Estate Administration. We distribute this memo at the death of our clients to the individual who is designated to handle their affairs to provide that individual with a broad overview of the issues involved in an estate administration. If you are interested in receiving a copy of this memo, just email jnici@coxnici.com and request that a copy be emailed to you.

Think carefully about the individual (or individuals) you designated to handle your affairs at death (or in the event you become incapacitated during your lifetime). These designations are more than a mere formality. The proper designation of an appropriate individual (or institution, as the case may be) is of critical importance to the effective administration of any trust or estate. As always, we are available to discuss this very important issue with you and help you determine an appropriate designation for your particular situation.