When you are recording your wishes in writing you must consider the fact that human beings are going to have to be involved in making those wishes come to fruition when the time is appropriate. Your choices are important and you should make them with full knowledge of the responsibilities that these representatives will be charged with after your passing.
People who are using a trust to direct the transfer of assets will have to choose a trustee. The trustee will be empowered to administer the trust in accordance with the terms that you set forth in the trust agreement. This can include any number of financial transactions so your trustee must be a business savvy individual.
Another option is to arrange for a professional trust company to handle the trustee duties. When you use such an entity you can be certain that the funds are going to be handled appropriately.
People who use a last will are going to have to choose an executor or personal representative. This individual will have considerable responsibilities including paying final bills and taxes, potentially liquidating property, and otherwise managing the affairs of the estate. So your executor must have the time and the skill set to handle these duties.
If you want to be comprehensively prepared you should also select representatives who would be empowered to make medical and financial decisions in your behalf if you were to become incapacitated and unable to make your own choices.
Should you have any questions about estate administration don’t hesitate to pick up the phone to arrange for a consultation with a good Indianapolis estate planning attorney. Your lawyer will make sure that you are fully informed and assist you as you execute the estate plan that is ideal for your unique situation.
- Can I Be Held Personally Liable for Mistakes I Make Administering a Trust? - May 17, 2022
- What Is an Irrevocable Life Insurance Trust? - May 12, 2022
- Dying Is Expensive – How Funeral Planning Can Help - May 10, 2022