Arlington, TX United States - April 9, 2022 —
Being armed with the best guidance can help reduce stress levels when handling a relative's estate, disclosed Estate Planning Attorney Guy B. Garner.
For more information please visit https://www.haimanhogue.com
“Added levels of responsibility come when someone is named as a trustee or executor. There is also a closer examination from interested parties,” asserted the Senior Attorney of Haiman Hogue, PLLC, in Arlington, TX,
Garner added: "A stress-free approach to trust management begins with having all the relevant documents in place. This will dramatically help in managing a trust effectively. Having all the vital components related to the estate, such as the trust agreement, will, powers of attorney, and any related healthcare directives, are essential for a successful conclusion."
He advised executors and trustees to take their time to read, review and take notes so that they know exactly what their duties and responsibilities are. "If drafted correctly, the estate planning documents will provide all the necessary information for the successor trustee(s) and beneficiaries. They should also outline how assets should be distributed and under what circumstances."
Next, they will have to obtain beneficiaries' contact details and notify them. It is also advisable to copy portions or the trust agreement and send it to beneficiaries as they have a right to it.
A trustee needs to send notices to the Social Security Administration, post office, banks, financial advisors, a decedent's place of employment, insurance companies and many others.
Some states even require mandatory filings of the documents, such as the original will, the death certificate and filing a notice of trust with the probate court or clerk of court.
Garner said dealing with a relative's financials is among the trickier aspects of being a trustee. They are considered a “fiduciary” and have to locate and take custody of assets, such as bank statements, life insurance policies, and federal and state tax returns.
"A trustee will also have to understand the decedent's debts which can include hospital, medical and funeral costs or any creditor who can possibly have a claim on the estate. They should assess potential claims carefully before agreeing to pay any debts against the estate."
Garner added that anyone unsure of their role or responsibilities as trustee/executor should consult an experienced estate planning attorney for guidance.
"That extra helping hand can play a significant part towards a stress-free approach to an estate's administration," he concluded.
source: http://RecommendedExperts.biz
Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 817-261-5222
Website: https://www.haimanhogue.com
Release ID: 89072682
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