Naming the Executor, or Personal Representative, for your estate is an important consideration. You name someone as the Personal Representative in your Will to be in charge of your estate. This means he/she will be responsible for protecting your assets until all debts and taxes are paid and then distributing the remainder to anyone named in your Will. There are a few requirements in Indiana for your Personal Representative: 1. He/she must be at least 18 years old; 2. He/she must have sound mind; and 3. He/she cannot have been convicted of a felony under federal or state law.
Perhaps your Personal Representative meets those requirements but lives out of state – is that allowed in Indiana? The short answer is yes. However, any out-of-state executor must post bond and file written notice accepting the appointment and naming an in-state agent to accept legal papers (such as the estate attorney). For practical reasons, it makes sense to name someone who lives nearby. Your Personal Representative may have to handle estate matters on a daily basis for many months. Another option you have is to name an in-state Co-Personal Representative with your out-of-state choice. The out-of-state Personal Representative may still have to post bond, but it may be helpful to have a resident agent living nearby to handle your estate.
Whatever your decision may be, our attorneys would be happy to help you prepare your Will. Or if you are an out-of-state Personal Representative named in someone’s Will, our attorneys can assist you in administering the estate.