When it comes to managing your estate or financial affairs, you must choose wisely. Many people choose a family member as Executor of their Will or Trustee of their trusts so that fees for this service do not have to be paid. This may be a bad decision if your trust or estate has any complications.
Courts hold Trustees and Executors to the highest standards. The fiduciary must be prudent, wise and honest.
The Executor of your Will is responsible for the following duties:
This is not an exhaustive list. If complications arise, the procedure can become lengthy and costly.
Trustees have a shorter list, but their responsibilities can continue for decades. The Trustee must prudently invest trust assets. This can be unsettling, as criticism from beneficiaries is common. Trustees may also have to make crucial decisions as to the timing and amount of distributions. These decisions are frequently criticized as well.
You are preparing a Will and/or Trust so that your money goes where you want it to go. Be cautious about picking your money management team. As always, contact us if you have any questions. Our Elder Law attorneys are always available to address your questions and concerns. Call us at 631.390.5000 or click here.
To read more on this topic, find Jennifer Cona quoted in the current Newsday article "Executor helps direct Great Neck woman's estate to benefit children in Israel."
Genser Cona Elder Law is a full service law firm based in Melville, LI. Our firm concentrates in the areas of elder law, estate planning, estate administration and litigation, disability planning and health care facility representation. We are proud to have been recognized for our innovative strategies, creative techniques and unparalleled negotiating skills unendingly driven toward our paramount objective - satisfying the needs of our clients.
Preserving & Protecting the Family Home for Future Generations
Beneficiary Rights: Protect Your Inheritance
Power of Attorney: Who Will Control My Money
Have You Funded Your Asset Protection Trust?
An Essential Estate Administration Checklist for Executors
6 Must-Have Elements for Your Estate Planning Checklist