Trust and Estate Administration: Whom Should You Bring to the Meetings?

The passing of a loved one brings a wave of emotions, and while the grief is shared by all, the responsibility for managing their estate typically falls to one person – the executor or personal representative. This individual plays a crucial role in carrying out the deceased’s wishes, managing assets, paying debts, and distributing property as outlined in the will or trust. Similarly, a trustee handles the administration of a trust, following the instructions set forth in the trust document. If you find yourself in this role, understanding whom to involve in the process can make a significant difference.

Key Individuals to Involve

1. Your Estate Planning AttorneyYour attorney is your primary guide through the complexities of estate and trust administration. They ensure that everything is handled according to the legal framework and provide essential advice throughout the process.
2. The Executor or TrusteeIf you are the executor or trustee, your role is vital. You manage the assets and execute the terms of the will or trust. Having a clear understanding of your responsibilities and maintaining open communication with your attorney will help streamline the process.
3. Family Members and BeneficiariesWhile not legally required, involving family members and beneficiaries in initial meetings with the attorney can promote transparency and reduce potential conflicts. It helps everyone understand the process and what to expect. However, remember that the attorney-client relationship is between you and the attorney; they will take direction only from you.
4. Financial Advisor and AccountantIf applicable, including your financial advisor and accountant in discussions can provide a comprehensive view of your financial situation and help manage taxes and investments effectively.

Understanding Key Roles

• Testator: The person who creates a will.
• Trustmaker (or Grantor): The individual who establishes a trust.
• Executor (or Personal Representative): Appointed to carry out the wishes of the testator as outlined in the will.
• Trustee: Manages and administers the trust according to the trustmaker’s instructions.
• Beneficiary: Receives assets from the will or trust.
• Heir: Entitled to receive property under state laws if there’s no will.

All these roles come under the category of “fiduciaries,” meaning they have a legal duty to act in the best interests of others – primarily the beneficiaries. This fiduciary duty ensures that the assets are managed and distributed responsibly and in accordance with the wishes of the deceased.

Working with Your Attorney

When you hire an attorney, they represent you in your capacity as the executor or trustee. If you are also a beneficiary, the attorney’s role is limited to assisting with administration, not providing personal legal advice regarding your beneficiary rights. Family members attending meetings should be informed that the attorney represents only you.

Keeping Beneficiaries Informed

Clear communication is essential. Beneficiaries have a right to be kept informed about the progress of the estate or trust administration. Including them in meetings can help clarify the process and address any questions directly with the attorney. However, remember that while the attorney can provide general information, they cannot offer legal advice to beneficiaries or act on their behalf.

Need Assistance?

If you’re navigating the responsibilities of being an executor or trustee, we’re here to help. Contact us to schedule a Life and Legacy Planning Session where we can discuss your needs and guide you through the administration process. Let’s work together to ensure that your loved one’s wishes are honored and their legacy is protected.

At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan. ??

To learn more about our one-of-a-kind systems and services,?contact us ?or?schedule a no-obligation 15-minute introductory phone call ?today.