Whether for work, school, or simply finding a warmer climate, a recent article discusses how many individuals find themselves living away from the rest of their family. Although it is perfectly acceptable to name personal representative who lives in another state, some may feel more comfortable naming a personal representative who is closer.
If you would like to name a person or entity closer to you to be your personal representative, consider speaking with a representative of your local bank. Many banks have divisions that deal exclusively with trusts. These divisions often offer estate settlement services. One benefit of naming a bank as the executor of a will is that such divisions have a wealth of experience and knowledge in administering estates.
Unfortunately, the experience and knowledge of a bank’s trust division comes with a price. However, if the staff at a knowledgeable bank — rather than a friend or family member — settles your estate, you may save considerable money in attorney fees.
You can also name an attorney as the executor of your estate. If you are interested in this option, speak with your estate planning attorney. Their firm may be able to handle this for you, or they may be able to recommend someone who can.