Choosing your Personal Representative
Whether they’re called Personal Representatives (P.R. for short), Executors or Administrators, they all have the same purpose – to manage your assets, file proper documentation with the courts and IRS, deal with any creditors you may have had and properly distribute your assets to your heirs. It’s not an easy job and it will be best for everyone if you give some thought today into who would be the best person to handle this for you after you are gone.
Here are some considerations I discuss with all of our estate planning clients before they make this choice.
Age – When naming a P.R., try to name someone younger than yourself. Most people don’t update their wills regularly and statistically, if you name someone older than yourself (a parent, older sibling, etc.) they will have already passed away. There are plenty of exceptions to this “rule” when people want to name a spouse or when they have an illness that realistically will bring about their death before those that are older than they are. If you do choose someone older than you, ensure that your alternate (second choice) is younger and be prepared to update your document if they pass away or become incapacitated.
Location – It is not necessary that the person you choose live in the same city or state that you do; however, if you have good options close to home it will make their life easier. Being someone’s P.R. will require the person to collect and manage all of your assets (most of which will be where you lived) and can require several trips to the court as well. Personal Representatives who must travel repeatedly usually end up with high travel expenses, missed days from work, and delays from the inability to be nearby when needed.
Financial Stability – If someone can’t manage their own finances, why would you ask them to manage yours? Choosing a P.R. means entrusting someone with full access to your bank accounts, investments, personal property and more. For this reason, you need to ensure the person you choose is financially responsible and trustworthy. This is a lot of power to give someone and putting that power in the wrong hands can have disastrous consequences for your heirs. If you don’t have anyone in your life that is trustworthy, this may be the time to think about using a professional P.R. (attorney, bank, etc.) or putting in your will that you want your P.R. to be bonded.
Relationship with your heirs – Don’t overlook that this person will be working for and with your heirs. If your brother and wife have never really gotten along, it would not be wise to name him as the P.R. when your primary heir is your wife. Instead of considering what type of relationship your potential P.R. has with YOU (which is irrelevant because you will be dead), think about what type of relationship they have with your heirs. Blended families, second marriages, and strained family relationships can make this a challenge.
In closing, after you have chosen your P.R. and an alternate, it’s a good idea to let the people know they have been named. Some will be honored and others may decline (especially if they have done it before).
Either way, you will have the chance to know their willingness and to discuss with them any problems you foresee with your estate. And remember, if you think choosing you own P.R. is a daunting task, imagine how the probate court feels if they have to make the choice for you after you’re gone.
Unrelated to the other functions of the Probate Courts in South Carolina, this court is responsible for issuing marriage licenses. Therefore, if you want to (or just have to) get married in the state of South Carolina, you need to be aware of the following requirements.
First, the bride and groom must appear together at the Probate Court and file a written application. You do not have to be a resident of South Carolina to apply, nor do you have to apply in the county where you plan to marry. Cost vary per county but average around $40 – $70 (often required in cash). The application will ask for the full name, social security number, age, and place of residence of the bride and the groom. The application is a sworn statement that must be signed by the bride and the groom and then notarized in the office of the probate judge. It’s important to bring proper identification (passport or a driver’s license is best) with you to the court. And, if you are under 18, you will have to drag a parent and birth certificate along as well.
Once the application is filed, you must wait 24 hours before picking up your license. So, plan ahead and don’t wait until the Friday prior to the wedding to apply. Judges in South Carolina can not waive the waiting period regardless of how much money you have spent on your upcoming nuptials.
In South Carolina, marriage licenses do not expire so there is no harm in getting yours early. However, just like a driver’s license – just because you have it doesn’t mean you MUST use it. Marry with caution.
Other interesting tidbits about marriage in South Carolina:
Important Note: Effective January 1, 2014 there were substantial changes in South Carolina’s Probate Code. While we’ve tried to update this blog, please note the date of blog posts and send us an email or call for a consult before relying on information written prior to January 1, 2014. We appreciate your understanding.