While many New York residents choose to appoint relatives or close friends to manage their estates after they die, there may be situations in which an individual or couple has no trusted party to appoint. Examples might include couples without children, unmarried individuals without close family, or families experiencing serious conflict over parents’ assets and end-of-life plans. Deciding how to have one’s estate administered could make the difference in ensuring a smooth transfer of assets rather than creating fuel for a huge court battle.
In particular, couples leaving everything to the surviving spouse in case of the death of one should ensure that both partners have meticulous records of relevant accounts. If one spouse tends to handle financial activity more than the other, the less involved party may need to be walked through what to do if the other perishes. There should also be a provision for managing the estate in case of both spouses expiring simultaneously. It is important to recognize that the executor of a will is entitled to collect a fee for their services. A relative might refuse to charge such a fee, but an objective third party is more likely to collect this fee.
Experts note that word-of-mouth recommendations can be helpful in searching for a professional to handle the task of overseeing one’s estate plan. It may also be helpful to explore options such as living trusts for managing resources both during one’s life and after death. Trust administration might be preferable in cases involving certain types of assets or significant amounts of wealth.
Periodic reviews of estate plans can ensure that any important life changes are incorporated into the legal documents. An estate planning lawyer can be of assistance in this regard.