As you put together your will or trust, you should also take time to learn how the administration process works.
Of course an estate plan can simplify matters, but wills and trusts administration could still be confusing.
You should prepare your executor of your estate thoroughly, as they will be the one to oversee your end-of-life affairs.
First and foremost, make sure the individual you choose as an executor actually wants the job and will be able to perform the tasks involved.
You may consider the designation of executor as a badge of honor or a show of respect for them, but it’s possible they could instead see it as a burden. This means you will probably want to choose someone else who can do the job willingly and well.
Once chosen, discuss the contents of your estate plan with your executor, as well as with family members and friends who may be affected. Advance planning helps avoid surprises later on and smoothing family dynamics now is a great way to avoid fighting and expensive will contests later.
Letting the executor also know of potentially upsetting aspects of the estate plan can help them be prepared for trouble if they have to, at some point, be a bearer of bad news.
The executor’s capabilities can also be enhanced by meeting with an estate planning lawyer, who after your death will walk the executor through exactly what is expected of him or her, not only from you, but from the state and federal government. This may include paying taxes, creating an inventory, dealing with court costs, paying off debt and so on.
The bottom line is that you should not neglect to educate your chosen executor about the ins and outs of their job and what they will be required to do after you pass away.
Doing so will cut down on family drama and any unnecessary struggles and hardships that may arise when you are gone.
Written by Miller Law Office
The Miller Law Office is here to help you build and protect your legacy. Rather than having a traditional estate planning practice, which is focused on transactions (such as the drawing up of wills and other documents), we have a more relational focus – having on-going contact with clients over the long-term, helping clients to protect themselves and their families.
Written by Miller Law Office
The Miller Law Office is here to help you build and protect your legacy. Rather than having a traditional estate planning practice, which is focused on transactions (such as the drawing up of wills and other documents), we have a more relational focus – having on-going contact with clients over the long-term, helping clients to protect themselves and their families.
