Personal Representatives can be individual people; a friend, a relative or your solicitor, or they can be an organisation; a trustee company or a public trustee. Beneficiaries of the will are not exempt from being Personal Representatives. Unless specified in the will; Personal Representatives cannot charge for their work. Ideal qualities for a Personal Representative:
- Trustworthy!
- Long living!
- Plenty of spare time.
- Locally based.
- Diplomatic.
- Good knowledge in the area of your investments.
In reality you and I both know that the only person who can fit the bill, is you, and sadly you'll be dead
just when your talents are really needed! However all is not lost. Someone with some of the above skills could hire a professional
to fill in some of the gaps. Obviously this will be a cheaper solution, than actually nominating a professional to perform all the
Personal Representative's' duties. And in fact this is often what happens.
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