November 14, 2014

A will typically has many different clauses within it that your attorney will walk you through during the drafting process. The most common clauses are an introduction, a debts section, taxes, tangible personal property, real estate, specific bequests, residuary, powers, the appointment of fiduciaries, signing, attestation, and other clauses. In this blog post, we’ll focus specifically on some key questions to consider for the powers clause. 

The first question to consider is whether the will should include independent executor details, which means that an executor is given operation powers outside Probate Court supervision. Including this in your will can allow things to move forward much more quickly, but it must be expressly outlined in the will in order to be valid.

With regard to executors and trustees, other important questions include:

• Do these individuals have any liability limitations?
• Are there any power limitations for their actions?
• If there a business to be handled by the executor, is the executor able to continue operating it?
• What are the benefits or disadvantages associated with naming a bank or similar institution as the executor?

Working with an experienced estate planning team is a crucial step to ensure that you have addressed all of these questions and crafted a will that is not only valid but works to carry out your own wishes. Contact our office for will development and review by emailing info@lawesq.net.