Having a well thought out, properly drafted Will not only allows for your final wishes to be respected but can prevent disputes among loved ones.
Joint ownership is becoming increasingly complicated and is not a simple and easy way to transfer wealth and avoid probate. Estate planning is an important piece of your financial plan, and the proper care should be taken.
An executor’s responsibilities are extensive. In addition to having to deal with selling real estate, dealing with financial institutions, potentially disgruntled beneficiaries, government agencies, and of course tax filings and probate filings comes another issue: online accounts and digital assets.
It is often interpreted as an honour, being named Executor of someone’s estate, as well as a sign of trust and respect. But along with it comes huge responsibility and holds the potential to become an overwhelming and stressful job. I often hear from clients that it is going to either be a collection of their children, the oldest child or even a spouse in a second marriage because it is the “right thing to do”, or “why spend money on a professional?”