734-359-7018
Now Accepting New Clients!
Blog

Choosing the right executor for an estate


Originally posted on 05/28/2017

An executor goes through a final with with the benefactor, the person who originally holds an estate.When people are thinking about planning their estate, they often think about trying to minimize the estate tax, keeping their will updated, and keeping items out of probate court; however, there is another important issue that people need to think about. Who should be the executor of their will and their estate? This is a tough question to answer and to pick the right executor, people need to think about the responsibilities of the executor of an estate.

The Responsibilities of an Executor

The executor's responsibilities include collecting the assets, calculating the debts, paying the taxes, and distributing the estate. All of these responsibilities must be handled promptly to ensure that all parties are appeased during this detailed process. The executor will also need to handle any claims made against the estate and determine what claims are legitimate and what claims are not. Who is the right person to handle this job?

The Executor's Time Commitment

Asking someone to be an executor of a will or an estate is a time commitment. There is a significant amount of documentation that forms the foundation of a detailed planning process. Furthermore, making sure that the right assets end up in the right person's hands can be a challenge. Therefore, people need to make sure that the person who is picked to be an executor has the time to do this job right.

The Educational Background for a Good Executor

While it isn't necessary to pick an executor with a financial or legal background, it could certainly help. For example, trusts, wills, and estate planning issues have significant financial implications concerning asset distribution. Failing to plan an estate well could cost an estate up to 50 percent of its value in terms of the estate tax. Furthermore, trusts have a significant amount of legal implications in removing assets from the estate calculation and ensuring that the assets in the trust are divided appropriately.

Work with Legal Experts to Take Care of Your Future Estate

Planning for the future of your estate can be a difficult experience. Luckily, an experienced attorney can give you all the insights and assistance you will need to have your plans all legally set down.

The legal experts at Aldrich Legal Services have been helping people plan the future of their finances and possessions for more than 21 years. Give our team a call today.

FAMILY LAW 77: Court awarded plaintiff sole legal custody; defendant was unwilling to work with plaintiff.

For joint custody to work, parents must be able to agree with each other on basic issues in child rearing including health care, religion, education, day to day decision making and discipline and they must be willing to cooperate with each other in joint decision making. If two equally capable parents are unable to cooperate and to agree generally concerning important decisions affecting the welfare of their children, the court has no alternative but to determine which parent shall have sole custody of the children.

CRIMINAL 19: Sentencing guidelines are advisory.

The sentencing guidelines are advisory, and although a trial court must determine the applicable guidelines range and take it into account when imposing a sentence, the court is not required to sentence a defendant within that range.

Basic responsibilities of an executor

Originally posted on 01/11/2017 The emotional toils of dealing with the death of a loved one can be considerably difficult. Nevertheless, perseverance is paramount; especially if you are appointed to be an executor to one’s...

What you need to compliment your will

Originally posted on 02/08/2017 Making end-of-life plans usually end with a will, but they shouldn't. Some believe that simply having a will is enough. However, this post will briefly explain how having other estate planning...

The benefits of home health care providers

Originally posted on 03/22/2017 As we get older or suffer an injury, we need a little extra help. Home health care providers or caregivers can provide the assistance needed to handle your or your loved one's health and safety...

What to know about bail conditions

Originally posted on 03/06/2017 If you have been arrested and are being held on the suspicion that you have committed a particular crime, chances are that the only thing you are thinking about is getting out of jail as soon as possible and...

College students and estate planning

Originally posted on 12/16/2016 With college semesters starting up in Michigan, it may not be so easy to get college students to think responsibly. This time can be especially tough with the need of moving back to school and getting...

Three reasons to put a power of attorney in place

Originally posted on 11/08/2016 While no one wants to think of the unfortunate possibility of being incapacitated or of a time when we can't handle our own affairs, this circumstance is a real possibility. If something happens and this...

How to approach parents about estate planning

Originally posted on 12/09/2016 Family forms a strong foundation for many people's first and most intimate community. It is important to strengthen these first relationships so even uncommon questions become natural. For those...

PROBATE 44: Petition for Mental Health Treatment

Michigan’s Mental Health Code governs the civil admission and discharge procedures for a person with a mental illness. Specifically, MCL 330.1434 sets forth the procedure and content requirements for a petition for mental health treatment.

Should you get your criminal record expunged?

Originally posted on 04/12/2017 If you have been convicted of a crime, have served your sentence, and have followed all court recommendations, you should be able to put your past behind you and move on with life. Moving forward is critical...

Don't let a bad decision, unfair contract, or a messy divorce get in the way of a promising future!
Contact the experienced team at Aldrich Legal Services today to schedule your free initial
consultation
and secure reliable and trustworthy representation today!
Get the Help You Need From a Team You Can Truly Count On: (734) 404-3000
734-237-6482
734-366-4405