It is best to see a practical picture when you are making preparations for the inevitable. Looking at it from a general perspective estate planning is a matter of common sense. You have to ask yourself what needs to be done and then engage the professional expertise that is necessary to make these things happen after you pass away.
Executing a last will is one of the options that you have when you are stating your wishes in writing. If you do use a last will rather than a trust your estate must pass through the probate process. During this interim final debts must be paid and the assets that comprise the estate must be prepared for distribution to the heirs.
You choose an executor to take care of the hands-on tasks, and your selection should be someone who is business savvy.
Even if you do know someone who has a good bit of business acumen who is willing to act as executor this individual will usually have to bring in a probate attorney. It is unlikely that your executor will have any experience with the probate process and this is why legal counsel is necessary.
A very efficient way to go about things would be to arrange for the attorney who drew up your last will to act as probate attorney after you pass away. You inform your executor about this arrangement and he or she will know exactly where to turn when the appropriate time arrives. As a result your heirs will receive their inheritances as quickly and efficiently as the process will allow.
Paul A. Kraft, Estate Planning Attorney
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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