Indeed, making a will is one of the best gifts we can give loved ones and friends. Even if the assets involved are modest, leaving them organized reduces a lot of wear and tear on those who survive us. Plus, through creating a will, we make a lot of other decisions, like naming a guardian for minors and an executor for our affairs.
Wills Accomplish So Much
Though a last will and testament tends to be associated with “who gets what,” the truth is that by writing a will, we accomplish so many practical things that our loved ones will thank us for. Putting affairs in order, and communicating the plans, turns out to be a relief for everyone, well before assets are distributed. Katelyn Holbrook of Lerch, Early & Brewer wisely reminds us “having a will is essential regardless of your age, well-being, financial health, or family dynamics,” and points out that in addition to the naming of beneficiaries, wills allow us to accomplish much more, including:
- Determine Who Will be in Charge. In your will, you can appoint a Personal Representative (also known as an Executor) who will be responsible for managing your assets, opening and administering your probate estate, filing your final tax returns (as applicable), paying off debts, and distributing assets to ensure that your wishes are carried out.
- Saves Time and Stress for your Family Members. By creating a will, you have the opportunity to provide clearly documented wishes that allow your family peace of mind…..
- Avoid Family Disputes. By providing explicit instructions, with your wishes clearly stated, there is far less room for misunderstandings or disagreements amongst your family and beneficiaries…..
- Appoint the Guardian of your Minor Children. A will is the document where you can name a guardian to care for your child in the event of your passing. Without a will, the court will decide who is granted physical custody of your children….
Of course creating a will also provides a way to distribute assets. Before making those decisions, the act of creating a will gives us the “opportunity to assess, consolidate and inventory assets” which, as Holbrook explains is valuable in and of itself, since it provides “a clear understanding of everything you own, including real estate, bank accounts, and employer benefits that you might otherwise not realize or understand.”
Designating and Preparing Executors
When a will is written, a fiduciary is designated to carry out the intentions expressed in it. This person is referred to as the executor, or in some states as the personal representative. It’s important to be thoughtful in naming someone who has the time, understands the responsibilities and can be trusted to carry them out. Though it is typical to name a close relation or friend, a professional can also be chosen. Regardless of who is chosen, it’s best to arm the executor with as much detail as possible:
To avoid any unnecessary complications in the settling of your affairs, take care to avoid ambiguous or unclear language in your will…..The executor named in a will is responsible for carrying out the testator’s final wishes. The executor is a liaison between the probate estate and the probate court, as well as between the probate estate and the beneficiaries. Their duties include locating and valuing assets of the estate, paying debts, and distributing assets to beneficiaries in accordance with instructions in the will.
It is common for executors to also be beneficiaries of the estate, so it’s helpful to understand:“Executors owe a fiduciary duty to the estate and its beneficiaries that compels them to act in the best interests of both.” It’s often a good idea for executors to obtain expert assistance from lawyers, financial advisors and public accountants. These expenses can be charged to the estate—and professional assistance can make all the difference in efficiently closing out the affairs of the estate.
Given the significant obligations. of executors,most states require executors to “have bonds to ensure their trustworthy behavior in their roles. These bonds guarantee that all the estate debts will be satisfied and that the remaining assets will be properly distributed to the appropriate heirs.” More Information about executor bonds, as well as a user friendly online service to obtain them quickly is available at Colonial Surety Company:
Probate and Estate Law?
With a few clicks on The Partnership Account® for Attorneys, lawyers everywhere around the country can efficiently help clients secure court and fiduciary bonds, on specific obligee required forms.
Just select the bond needed, send it to your client for payment, and then download, e-file or print the bond. Our fiduciary bonds include: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Court bonds include: appeal, supersedeas, injunction, replevin, receiver and more.
Easy, speedy court and fiduciary bonds here:
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