Tag Archive for executor

Selecting the Right Trustee or Executor

Estate PlanGiven that your trustee and personal representative (a/k/a “executor”) are charged with ensuring that your Revocable Trust agreement and Will are followed, it’s important to select the right persons to assume these responsibilities.

Both personal representatives of a Will and trustees of a Trust are fiduciaries. As fiduciaries, they are legally required to act for the benefit of your beneficiaries — not for their own benefit — in following the terms of your Will or Trust. » Read more..

Does Your Estate Plan Suit Your Life Stage?

What you need for an estate plan varies with each life stage or milestone. Here are some examples of estate plan considerations for Minnesotans at various ages and life stages/milestones:

Age 18: If you are a young adult you should have a Health Care Directive and Durable Power of Attorney because incapacity can strike at any time. The Health Care Directive will enable your hand-picked agent to make decisions regarding your body, and the Durable Power of Attorney will enable your hand-picked representative to handle your financial affairs. » Read more..

Should the Personal Representative of an Estate Seek Pay?

When the Personal Representative of an Estate (also known as the Executor) is a family member, he or she often agrees to work for free before fully understanding the amount of work involved.

And, because other family members likely don’t understand the responsibilities of the Personal Representative, and the time that it takes to carry out those responsibilities, the Personal Representative may not even get a “thank you” for his or her work. » Read more..

Who Should Be Your Personal Representative?

Persons writing Wills in Minnesota select a “personal representative” (known as “executor” in some states) to settle their estates after they die. The personal representative manages and distributes the deceased’s assets, per the Will instructions, after first paying the deceased’s creditors, the costs of administering the estate, and any estate taxes owed. In Minnesota, the personal representative has the power to sell real estate, liquidate assets, and determine which bills should be paid and which should be denied. » Read more..