You have to consider the matter of estate administration when you are planning your estate. Letting your family know where your estate planning documents are located is fine, but what do they do next?
Making your wishes as stated in writing become a reality is going to take the efforts of individuals with certain types of expertise.
If you are using a revocable living trust to arrange for the distribution of your resources to your heirs after your passing, you would do well to discuss trust administration with the attorney who is assisting you.
You could arrange for this lawyer to act as the trust attorney at the time of your passing. He or she will understand the situation thoroughly and take the appropriate actions on behalf of the estate.
This will simplify matters for your family because all they will have to do is contact your attorney and the wheels will start turning.
Those who use a last will rather than a trust must appoint an executor to administer the estate. The process of estate administration will be supervised by the probate court.
There are many tasks that must be undertaken during the probate process, and in most cases the executor won’t have any probate experience. For this reason probate attorneys are usually called in to assist.
In the same manner as described regarding the creation of a trust, you could have the attorney who drew up your last will act as the probate attorney after your passing. Your executor will then know exactly where to turn when professional guidance is needed.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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