What if I don't have anyone to be my executor? Many individuals and couples struggle with appointing a trustworthy and capable executor or trustee, especially when family dynamics or lack of suitable candidates complicate the decision. This often leads to procrastination, leaving estates unprotected and loved ones vulnerable.
A couple in their 70s faces a challenging dilemma: they want to complete their estate plan but can't decide who should be their trustee or executor. It's a second marriage for both, and each has an adult child, but neither child can serve. With no other living relatives and all their friends also in their 70s, they are in a bind. According to the article “We’re in our 70s and don’t trust our family to handle our estate. What can we do?” from Market Watch, most people facing this issue give up, leading to future problems either due to incapacity or leaving the surviving spouse in a difficult situation. However, with the right guidance, these issues can be resolved effectively.
We Can Help
At Vick Law, P.C., we understand these challenges and offer professional guidance and solutions to ensure your estate is managed according to your wishes. Our experienced estate planning attorneys can help you navigate these complexities and find a suitable trustee or executor.
Exploring Solutions
1. Professional Trustees: Start by discussing your situation with your estate planning attorney. They might recommend a professional trustee or an estate administration service, possibly even offered within their own firm.
2. Financial Institutions: If a professional trustee doesn’t meet your needs, consider major financial institutions. These institutions are usually insured and regulated by state and federal laws, ensuring they manage your estate responsibly. They can handle tasks like distributing assets, closing accounts, managing digital assets, and filing tax returns.
3. Longevity and Fiduciary Responsibility: Ensure the chosen trustee or institution will be operational in the long term (10-20 years) and acts as a fiduciary, meaning they are legally required to put your interests first.
4. Understanding Fees: Fees for estate administration vary based on the size of your estate and the chosen entity. For instance, a large bank may charge a percentage of your assets, with sliding scales applied to larger estates. A $1 million estate could cost around $30,000 to administer. If a professional trustee is managing your trust, additional fees will apply for tasks like investing, making distributions, and paying taxes.
Why Professional Trustees Can Be a Wise Choice
Sometimes, opting for a professional trustee is beneficial even when family members are available. A professional, whether an institution or an individual, can alleviate concerns about family dynamics interfering with your wishes and ensure your estate is handled impartially and competently.
Estate planning can be complex, but you don’t have to navigate it alone. Contact Vick Law, P.C. today to for your FREE consultation. We will discuss your options and ensure your estate plan reflects your wishes and protects your loved ones. Our experienced team is here to provide the guidance and solutions you need.
Reference: Market Watch (June 15, 2024) “We’re in our 70s and don’t trust our family to handle our estate. What can we do?”
