There are many worries a person may have regarding an elderly loved one. For one, they may have concerns about whether their loved one will have enough resources to have a comfortable retirement. One thing they might be quite worried about on this front is the possibility of major depletions of their loved one’s assets.
What happens after a person dies can have major impacts on their friends, family and legacy. Despite this, many Americans continue to put off making any formal plans for controlling what will happen with things such as their assets after they pass away.
The administration of a deceased person’s estate is managed by the personal representative of the estate. There are a wide range of different responsibilities and rules placed on a personal representative in connection to this management. So, there can be a lot of different potential areas for impactful mistakes by such an individual.