Estate planning can seem like an overwhelming process. There is a lot to decide, including where assets should go, how to protect the estate from having to pay any unnecessary fines or taxes and picking a personal representative to administer assets. While the duty of estate administration is usually passed on to a family member or a close friend, there are those in Texas who don't feel they have someone they can trust to take on this role.
Those who are chosen to be the executor of an estate will have a lot on their plate. This individual will be responsible for collecting and inventorying assets, distributing assets in accordance with the instructions set forth in the estate plan and paying any claims against the estate. Texas residents who feel they don't have someone in their life who is capable of taking on such an important role can look to professional services to help to manage their estate when they are gone.
There are a number of professionals that could successfully handle this task, including accountants, financial advisers and attorneys. However, some may feel that choosing one of these individuals may cause a conflict of interest. A corporate trust company may be a good fit as an unbiased representative. The services offered by a trust company typically come at a cost, but these professionals do specialize in managing estates and will administration.
Picking a person or company to administer assets can be tough. Making a decision as to whether professional services should be assigned this task is a very personal one. Texas residents who are planning their final estate can, with the help of legal counsel, make the best decision for the specific circumstances at hand and assign the executor position to the person or company that will be able to take care of the estate in the end.
Source: Time, "How To Pick a Pro to Manage Your Money When You're Gone", Kerri Anne Renzulli, Nov. 3, 2014