Some Things You Should Know About Preparing Your Estate Plan

Posted on: 14 March 2017

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Having an estate plan is an important part of being an adult. It is vital that every adult, no matter your age, have an estate plan. However, it is even more pressing for people who are in, or are nearing, their elderly years to have their estate plan in order. Here are some things you need to know about the estate plan being executed.

Will I Have To Go To Court To Have It Executed?

The short answer to this question is that you don't have to, if you organize your estate correctly. There is a process called probate that was used in the past to execute every estate plan. This is because everyone put things in their will, and a will has to be probated. Now the legal system has found ways to avoid this process by putting finances in other things like trust funds and LLCs. This means if you meet with an attorney before your death, they will have to create these trusts and within the trust you give certain instructions as to how you want things used, then you can avoid going through probate, so your loved ones and family members get their money faster.

Who Will Oversee The Executing of The Estate?

When you organize your estate plan you will choose someone to oversee the execution of everything, this person is called the executor. Many people choose a relative, such as their oldest child, or a child who has a firm grasp and understanding of finances and the law. However, if you feel that your children may dispute the estate, or if no child is equipped to handle that responsibility, you can ask a trusted friend, or professional to be the executor. It is best if it is someone who can do it unemotionally and professionally.

It should be mentioned that the executor doesn't have a lot of say in how the will is executed. They are bound by the terms of the estate plan. Instead, they just oversee the execution.

Is There Any Way To Avoid The Estate Plan Being Disputed?

Although you cannot predict the future and what your family will do, there are a couple things you can do to try and prevent your family fighting over your estate. The first is to organize it when you are healthy and of sound mind. That way no one will be able to say you didn't know what you were doing. Second, let everyone know the terms of the estate plan so that they aren't blindsided after your death. That way you can resolve conflict before you pass away.

By understanding these things you can better prepare your estate plan. Continue reading for more information.