Can I Choose More Than One Personal Representative in Tampa?
When it comes to estate planning, contingencies are always helpful. Two personal representatives could be more reliable than one, but is this really possible? Are you allowed to choose more than one personal representative, or are you limited to just one? This is a conversation you might want to have with an experienced estate planning attorney in Tampa.
You Can Name “Co-Personal Representatives”
Under Florida law, it is perfectly legal to name more than one personal representative when creating your Last Will and Testament. If you choose this option, you will have “co-personal representatives” instead of just one personal representative.
What Are the Advantages of Having Co-Personal Representatives?
People may choose to select co-personal representatives for various reasons. Some may be concerned that the workload is too much for a single personal representative to handle. Perhaps you have complex investments, numerous collectibles that require accurate appraisals, or real estate holdings around the globe.
Co-personal representatives may also be beneficial if each person brings unique skills or experience to the table. For example, one personal representative may have extensive financial knowledge, while the other might be better at resolving family disputes. You might believe that these skills complement each other.
Others choose multiple personal representatives because they want to treat both individuals fairly. The classic example involves two children. If the parent doesn’t want one child to feel sidelined, they might designate both as co-personal representatives.
The Downsides of Co-Personal Representatives
A common school of thought is that a single personal representative is better than multiple co-personal representatives. With a single person fulfilling this role, there is less potential for conflict. No matter how well you think these people will get along after you’re gone, they may disagree on various issues during probate. In other words, you are creating more “moving parts” in your estate plan and more factors that could go wrong.
Name Successor Personal Representatives
A more viable strategy is to name numerous successor personal representatives. Although this ensures that only one personal representative will oversee your estate at any one time, it creates redundancies that make your estate more secure.
If you have named a personal representative who is relatively old (such as your spouse), this could be a particularly smart move. Regardless of how old your personal representative is, there is always the chance that they could predecease (die before) you. A list of successor personal representatives ensures that no matter what happens, someone will be available to oversee your estate and handle probate.
Can a Seminole Estate Planning Lawyer Help Me?
A New Port Richey estate planning lawyer may be able to help explain the intricacies of personal representatives in more detail. Co-personal representatives are perfectly legal in Florida, although they may not be the best choice for all families. On the other hand, successor personal representatives are almost always a positive choice. Discuss these options in more detail by contacting Knudsen Law at 727.398.3600.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0733/Sections/0733.602.html
