Georgia residents make numerous decisions when they create estate plans. One of the most important is who will serve as their trustees, executors and fiduciaries. Who fills these positions could make all the difference in how estate and trust administration are carried out after a benefactor's death.
Not every decision made by Georgia residents during the estate planning process works as intended. For example, when they choose trustees to administer their trusts, they believe that person (or persons) will carry out their wishes and the terms of their trusts. However, that is not always the reality.
As Georgia residents work to create an estate plan that provides for their family members and minimizes the tax implications of any distributions, they will also need to make the crucial choice of who will carry out their wishes. In order to help ensure that the estate is in good hands, it might help to understand the roles of executors & fiduciaries. Understanding what they will be required to do could help make the choice easier.
There are various capacities in which a person may be asked to tend to the financial and personal affairs of a loved one or close friend who has passed away. Suffering the loss of a family member or friend is often a traumatic experience. Those who have been named as trustees, executors & fiduciaries (or to any one position) to a decedent's estate in Georgia may want to seek legal guidance to clarify the required duties and responsibilities.
Estate planners sometimes designate people to manage certain assets at the time of their deaths. Known as trustees, they hold and oversee the trust property for the benefit of a third party, referred to as the beneficiary. As often happens in Georgia and other states, multiple beneficiaries may disagree about who gets what when it comes to an inheritance.
Some Georgia residents will die without having executed a will. In the past, this has sometimes caused complications and stress for loved ones who may then face legal challenges with regard to various issues that could have been addressed ahead of time. When estate owners do plan ahead and take steps to secure assets and provide for their loved ones after death, there are certain things they will want to consider regarding trustees, executors & fiduciaries.
The process of estate administration is not always smooth sailing for those involved. Acting executors & fiduciaries often face family disagreements and other complications wrought with stress and discord. Those charged with administrating estates in Georgia and other states should avoid certain common mistakes to achieve a positive outcome for all involved.