Can You Protect Family from Possible Trustee Abuse?
Executors and trustees have legal obligations. The person you choose must be trustworthy, financially competent and stable. Don't ignite a spark by choosing a misfit. Your mistake can devastate your estate and your beneficiary's inheritance. Here is some valuable information to help you choose wisely.
Choosing an executor is an important decision. Like many estate planning decisions, it is a personal choice. So, there is no perfect choice that suits everyone. What is good for your brother or partner may not be right for you.
Choose the right people to do the job.
John has remarried and his children do not accept his new spouse. They see her as a gold digger. If John chose either his sons or his wife as executor, he may start a battle. Asking them to work together is also wishful thinking. John is better off choosing an independent trustee.
Removing an Executor
I have gone to court to remove a trustee. I can tell you it is a risky proposition unless the trustee’s misconduct is clear. Your family will pay a high price to remove an abusive or condescending trustee. They will regret your choice of executor long after you are gone.
In my law office, clients ask for help to choose executors. I created a simple solution and can share it with you. I call it Choosing Executors – Your Formula for Success.
Choosing Executors will help you understand the tasks, duties and skills required of your executor. As an author of several estate books, I know how to explain things in plain language.
You will learn from my more than 30 plus years of legal experience. I'll give you practical tips to choose the right executors. You’ll stop struggling and choose the right person in charge of your estate. You'll learn how to avoid any bad apples.
Executors need to make decisions for you after you're gone. I have created an Executor Scorecard to help you decide who should be your estate trustee or executor. You'll get a chart to compare the pros and cons of choosing:
1. family or nonfamily members
2. spouses or children
4. business partners or
5. corporate trustees
Your choices may appear simple. However, choosing an executor and trustee is a complex decision. Understanding your options will help you get the most from your professional advisors.Executors On: July 31st, 2012