The general topic of estate planning may be difficult for some to bring up or think much about. However, anyone who has any kind of assets may benefit from learning more about the process and what it entails, especially the important decisions that must be made. Anyone in Michigan who has not begun the process of putting together an estate plan may want to consider some of the following factors.
It is vital to understand the role of an executor when choosing one. An executor will have a tremendous amount of duties and it is best to prepare the person chosen ahead of time. The executor will have to handle paying debts of the estate, dealing with tax issues and also the actual distribution of assets left to beneficiaries.
Some may automatically assign the job of executor to a spouse. That may not always be the best option. As a couple grows older, a spouse who is a few years older may not be the best or most logical choice. For some couples, it may make more sense to assign the job to an adult child or even a younger, trusted friend.
There are many personal decisions that need to be made when delving into estate planning. The more information a Michigan family has about the role of an executor, the better prepared everyone involved can be. Seeking out the most up-to-date information and knowing for sure what all documents and assets are part of an estate plan can help couples go forward in the estate planning process with confidence in how things are being handled.
Source: nj.com, “How to choose the right executor for your estate“, Kurt Rossi, March 30, 2014