In planning your Will it is critical to choose the best possible Estate Trustee to navigate the complicated legal requirements of Estate administration. The Estate Trustee is the person who is in charge of making funeral arrangements and who is in charge of managing all aspects of your estate. This includes paying debts, filing income tax returns, selling real estate, cashing out investments and distributing assets to the beneficiaries.
Although it is common to appoint a spouse as your Estate Trustee, your spouse may be unable to act because of poor health, or mental incapacity, or prior death. Accordingly it is necessary that your Will contain provisions for a backup Estate Trustee. The most frequent choice for backup is an adult child or children.
Don’t forget to ask your Estate Trustee if he or she is willing to do the job. This is not only polite, but is necessary if you want to be sure that the person you have chosen will accept your appointment.
Call us at (519)351-7721. We would be happy to help you prepare your Will.