Changeover: choosing the right person to manage your assets

Posted by Mords1944 on September 1st, 2019

It is a very important decision to appoint a testamentary estate to manage your property when you die. The administrator of your chosen estate will be responsible for the distribution of personal property and property in accordance with the directives described in your will and living will.

If you die in the state (without a will), the probate court will appoint an executioner to supervise and manage your estate. If you want to make sure your final wishes are fulfilled in the way you want, it is important to carry out a living will or trust. Otherwise, it will leave matters in the hands of someone you can't trust or a complete stranger.

Once your estate planning documents are notarized and executed, the law requires the legal executor to comply with the directives outlined in the will. However, if the will is challenged by an apparent heir, a judge will make decisions based on inheritance law.

Often the heirs are a direct relative of the genus, such as a mother, father, daughter, son, sister or brother. However, anyone can be appointed to manage assets. In some cases, it is better to name someone outside the family. This is especially true if there is family dysfunction or if family members live out of state.

In many cases, the executioner is responsible for funeral arrangements. People who organize their funeral in the past eliminate an enormous burden on the executioner and the family. Preset funeral services may include the purchase of a funeral parcel, coffin, cremation urn and tombstone. Some people buy their diggings in advance; especially if they are diagnosed with a terminal illness. Many funeral homes offer pre-arranged funeral services that can be paid for over a period of time.

Life insurance policies can be used to cover funeral expenses. The average cost of a funeral is about $ 8,000 to $ 12,000. If the services are not organized in advance and there is no life insurance, it can create a heavy financial burden for the family.

When choosing your subsequent executor, it is a good idea to choose one that is sensible, organized, and reliable. In most cases, a change attorney is hired to help you with property management. However, the executor generally performs many administrative duties, including the maintenance of real estate and financial holdings, the closing of bank accounts, the settlement of financial accounts, the payment of outstanding invoices and the filing of a final tax return. In addition, they are responsible for the storage and distribution of assets.

It is a good idea to request permission from the person you wish to appoint as your real estate agent. It is also a good idea to appoint another successive executor if the chief administrator does not want or cannot perform his duties.