A very important part of any estate plan is the selection of the right person(s) or institution to act as Executor, Trustee or Guardian. I have seen problems occur in the administration of estates caused by the selection of a person to act as a fiduciary who was unable for any number of reasons to discharge the responsibilities of that position. Sometimes there are inherent conflicts of interest involved in putting someone in charge of the estate who may also have a financial interest which may compete with the interests of other heirs. Oftimes individuals may lack the expertise to be effective or even the ability to hire professionals to assist them. They may not be good record keepers or may lack the ability or time to assemble the documentation required to complete the filings required in the court. Some estates have cash flow, debt, asset liquidation problems which require extensive time commitments to resolve. If there are minor children involved great thought and consideration must be made to the selection of the right person or persons to care for the personal or financial needs of the minor children. Every situation has its own potential unique set of circumstances which require discussion with your attorney when evaluating the components of an estate plan.
Share on Facebook
Share on Twitter
I'm busy working on my blog posts. Watch this space!