When going through the estate planning process, one of the things you need to do is appoint an executor. However, the task for some Michigan residents may be difficult as they don’t have family members or close friends whom they trust to fulfill their wishes. If this sounds like your situation, a professional administrator may be the answer.
Situations where you want a professional administrator
Selecting an executor to manage an estate is often one of the first things that people do during estate planning. However, you may have questions about the fitness of the person you want to handle this task, or maybe the individual you asked simply doesn’t want to do it. You begin to wonder what happens next. These are instances when a professional executor is appropriate. The following are additional situations when you want to appoint a professional to distribute assets after your passing:
• Complex family dynamics that could result in arguments
• No one you know has sufficient legal or financial expertise
• You are uncertain that legal responsibilities will be met
• Those you trust don’t have the time or live far away
• You trust someone but believe they will benefit from working with a professional co-executor
Estate planning can minimize probate
Looking at the entire picture when you start estate planning can help several things. In addition to helping select an executor, taking the time to think about your goals can also affect estate administration and make it easier for your representative.
Placing assets in various trusts and make them TOD (transfer-on-death) can allow many assets to go directly to intended heirs without going through probate. Your needs and wishes may change, but you can also modify your estate plan at any time to reflect your current wishes.