Page 19 - BusinessWest 2023 Senior Planning Guide

A Task Better Left to a Professional
Being in Charge of an Estate Can Be Unsettling
IBY JANICE WARD, ESQ., CFP
t is a fact: estate administration is complicated and time-consuming. Money can, and often does, com- plicate relationships. Money can make people do
things they wouldn’t ordinarily do. Money can breed distrust — and worse.
These are just some of many reasons why those with estates, especially large estates or those with complex assets, should think carefully about who they choose to be their personal representative (formerly known as an executor or executrix) to administer their estate after they pass. Because settling an estate can be an unsettling experience and can potentially damage and destroy personal family relationships, you might consider an alternative to a family member.
Overall, the person you choose as your personal representative will be responsible for a daunting list of tasks. For a grieving family member, this could represent an unintended burden that requires a wide range of expertise and significant time commitment during this very difficult life transition. And if this isn’t enough, they may have to contend with pressure from — and disputes with — beneficiaries who are usually other family members. The resulting tug of war can lead to lengthy delays, sometimes lasting years, and often resulting in strained relationships and sometimes
irreconcilable, heartbreaking splits among surviving family members.
An increasingly popular alternative is to choose
a third-party professional, such as the Estate Settlement team within Greenfield Savings Bank Wealth Management and Trust Services. Such professionals can take away the burden and worries of estate settlement and ensure that one’s estate is managed efficiently and according to their wishes, without overburdening one specific family member. Alternatively, a professional personal representative can serve jointly alongside a family member.
Such professionals can handle a wide array of
responsibilities, including:
• Entering the will into probate and handling
other legal requirements;
• Gathering all personal property and arranging
for support of the family;
• Clearing out the decedent’s home and preparing
for distribution or sale;
• Obtaining appraisals of required property for tax
purposes;
• Reviewing real-estate records to assure timely
payment of taxes and collection of rents;
• Evaluating contracts and leases, giving necessary
notices, and complying with all requirements;
• Investigating all claims against the estate and
handling them accordingly;
• Collecting all life insurance, rents, and other
amounts due;
• Preparing and filing your final personal income-
tax return, as well as any estate/inheritance tax returns that may be required either on a state or federal level;
• Paying related estate and inheritance taxes;
• Preparing a final accounting of the estate for the remainder beneficiaries; and
• Distributing the estate as directed by the will.
“Overall, the
person you
choose as
your personal representative
will be
responsible for a daunting list of tasks.”
Representative
Continued on page 38
“It’s not the years in
your life that count, but
the life in your years.”
Abraham Lincoln
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