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An Estate Trustee (also known as an Executor) named in a Will is someone that will be responsible for the administration of an estate from start to finish. Choosing the right estate trustee can make estate administration significantly smoother for your loved ones. Choosing the wrong estate trustee can be costly and can delay the estate administration. For this purpose, there are several factors to consider when deciding on who should be the estate trustee of your estate.
Organizational Skills
Dealing with your own personal paperwork and finances can sometimes be overwhelming and time consuming. Now imagine someone else having to deal with it after you have passed away. One way to help your named estate trustee is to have your paperwork already organized. However, a good estate trustee would be someone who has the organizational skills to assist them with managing your estate assets, meeting deadlines, and ensuring that all tax returns have been filed.
Family Dynamics
In most cases, we see testators appoint close family members to be the executor of their estate. While there is absolutely nothing wrong with choosing a family member, you must consider if this family member will remain neutral. It may be significantly easier to choose a close family member especially if they are already aware of your assets. However, would the other beneficiaries trust this person? Do you think there would be any conflicts if this person is named as the estate trustee of your estate? These are just some of the things you must consider when choosing a close family member to be your estate trustee.
Trust
Last, but not least, choose someone you trust completely. Your named estate trustee should be someone who you know would respect your wishes regardless of what’s in it for them. This person must show that they can be reliable, diligent and be able to administer your estate with integrity. A dishonest estate trustee can create several financial and family problems that can delay the administration of your estate and cause unnecessary hardship for your loved ones.
Choosing the right estate trustee is very important in your estate planning process. By selecting someone who is organized, trustworthy and capable of handling the role, you can help reduce stress, provide a peace of mind for everyone involved and ensure your estate is handled the way you intended.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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