Who Will Handle the Administration of Your Estate?
Who is going to handle the administration of your estate, and what is involved in this process? When you are beginning to work on your estate plan in Canton, one of the things you will need to think about is estate administration and who you want to name as an executor. While estate administration and the distribution of your property will only be part of the issues you need to consider when you are engaging in estate planning in Connecticut, they are important aspects of the estate planning process.
The party or parties who will administer your estate have a fiduciary duty, which means they will have a legal obligation to act in the best interest of your estate and the parties involved. It is up to you to determine who will administer your estate. Otherwise, the court will appoint someone to perform this crucial duty. Our Connecticut estate planning lawyers can explain in more detail.
Appointing an Executor to Administer Your Estate
It is up to you to decide who you want (and trust) to administer your estate. The administration of your estate can be a lengthy and complex process that requires handling debts of a deceased person’s estate and taxes of the estate, and handling distributions of remaining assets to beneficiaries according to the terms of the deceased’s will. They will handle the full probate process, which involves those tasks and more. The person you appoint to administer your estate is known as your executor, and this is something that you will do in your will.
If a person dies intestate without a will, then the court will appoint a party known as an administrator to handle probate and other administration duties of the estate. There is no reason to allow this to happen to you — you can begin working with a lawyer today on your will and the selection of an executor.
Your executor should be a person you trust, and it should also be someone that you have discussed this important role with and who has agreed to fulfill this duty. Given that it can require significant time and effort, it is important to be certain that the person you name as your executor is able and willing to serve as executor after your death.
Should I Consider Co-Executors or an Alternate or Successor Executor?
You may be wondering if it makes sense to appoint co-executors or an alternate (or successor) executor.
You should always appoint an alternate or successor executor in the event that the party you named as your executor has passed away or can no longer fulfill this obligation.
When it comes to naming co-executors, this can be more complicated. Many older adults want to name multiple of their adult children to serve as co-executors, but this decision can sometimes make probate and estate administration more complicated. Co-executors will need to agree to all decisions together, which can lengthen and complicate the probate process unnecessarily.
Contact a Canton, Connecticut Estate Planning Attorney Today for Assistance with Your Will
Are you ready to make a will and name an executor? Contact an experienced Canton estate planning lawyer at the Law Office of Brian S. Karpe today.
Source:
cga.ct.gov/2023/pub/title_45a.htm
