Was your deceased loved one named as an heir to money or property under your last will and testament or a revocable living trust (RLT)? If so, do your documents address what happens to that money or property should your loved one predecease you?
Did you select your deceased loved one to be one of your trusted decision makers?
Personal representative (executor): This trusted individual, appointed in your last will and testament, is responsible for collecting all your accounts and property, paying your outstanding debts, and distributing your money and property to your named heirs. This person’s task is to wind up your affairs, which can be time-consuming. If your chosen personal representative dies before you and there is no named backup, the probate court will use your state’s laws to determine who is next in line to serve as personal representative when you die.