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February 2023 |
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Should Your Beneficiary Serve as
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For most people, choosing an executor or trustee means choosing someone close to them – a family member or a friend. However, this often means their executor or trustee is also a beneficiary. But, will choosing a beneficiary create a conflict of interest?
The short answer is, the best way to avoid a conflict is to be as specific as possible in your instructions to your executor and beneficiaries.
An executor or trustee has a legal duty to manage the property and assets in the decedent’s estate for the benefit of the trust or estate beneficiaries. This means that while the executor/trustee should be compassionate, they must also act in an equal and unemotional manner toward every beneficiary.
A beneficiary, on the other hand, is often emotionally involved. Even those beneficiaries who are not concerned with the monetary aspect of their inheritance will likely be emotionally invested in the heirlooms of the estate. Sadly, many family feuds are sparked when siblings can’t agree on who gets sentimental items such as the family silver or great grandma’s engagement ring. |
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That is why adding as much clarity as possible to the terms of your estate will decrease the chances that the executor will be tempted to take advantage of their position. However, you may also want to consider naming a disinterested party as a trust advisor or co-executor to provide checks and balances throughout the administration process.
If you are a beneficiary who is also serving as an executor or trustee there are a few things you can do to ensure you keep your roles separate.
You can:
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If you are concerned about naming an executor or trustee that is also beneficiary, or facing difficulty in serving in the role yourself, we can help you navigate the process in a fair and compassionate manner. |
Why Transferring Home Ownership
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It can be tempting to avoid the costs of creating an estate plan when your only significant asset is your home. Afterall, what’s the harm of simply putting your home in your child’s name to avoid probate and be done with it?
We hear this question more than you’d think at our office, and we almost always advise against it. The truth is, there are a number of reasons to keep your home in your own name, the biggest ones being property taxes and your child’s liabilities.
Other reasons include:
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Don’t make a mistake that could end up causing you to lose your home. Contact our office to discuss how we can help you protect your family and your assets from probate and liabilities. |
Upcoming Events |
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How to Choose Who Will Fill a Role in your Estate PlanOngoing The Key Estate Planning Things
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A Personal Note From Tiffany |
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From the time I learned to read until now, I have loved reading mystery books. Some friends introduced me in the past year to Canadian author Louise Penny's, Chief Inspector Gamache series. I can't get enough of those books and the characters in the series.
I just finished book 12, and instead of skipping over the Acknowledgment section as I would normally do, there was something that caught my eye. I noticed Ms. Penny spoke about her husband, Michael, who had dementia.
It was a beautiful tribute to her husband and to all her friends and neighbors who helped support her through that time. Ms. Penny didn't downplay how tough dementia was for her husband and for herself. But she focused on the kindnesses she and her husband received and the love she felt.
I pulled from this a couple of good reminders. First, do not fear reaching out and asking for help when you need it. And lastly, continually look for things you can be grateful for, no matter how small. Simple reminders, but what a difference can they make in your and others' lives.
As always, thank you for taking the time to read and reflect.
Sending you all a remote hug, |
Finally, an Estate Planning Guide for Everyone! |
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Many books about estate planning are long, complicated, and written in a way that’s hard to understand. Not this one!
Do You Have a Plan? How to Avoid Leaving a Mess (A Guide to Estate Planning) is written by estate planning and Certified Elder Law Attorney Tiffany A. O’Connell. The book is a quick and enjoyable read, thanks in part to wonderful illustrations by Joy Murphy. The book can also be used as a reference guide to easily review important planning concepts in the future. |
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3 Eliot Street | Natick, MA 01760 |
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