How to Handle an Estate Plan Update If a Trustee or Executor Becomes Inappropriate

January 7, 2019

Two key individuals might be installed as part of the management of your estate plan either during life or after you pass away. These are known as your executor and your trustee. These are individuals who implement your plan after it has been articulated in estate planning documents. Both of these individuals often determine the overall success of your estate plan or the trust. trustee-planning-NJ

Unfortunately, not enough people give careful consideration to these appointments. Even if you care for and made these appointments, the death of one of these individuals or changing circumstances for either person might call for an update to your estate planning.

Are those individuals originally appointed in your estate plan as an executor or trustee still comfortable, able and willing to perform these jobs as you wish for them to be carried out? Is another person a better choice because your estate plan has changed? Or has someone moved away, passed away or aged?

Determining who is the best choice as a trustee or an executor requires thinking about who should serve in these roles today. If you believe that it’s time to update your estate plan, only do so with the help and guidance of an experienced and knowledgeable estate planning lawyer. You could otherwise expose yourself to unnecessary mistakes and problems.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Why Work With Omni360 Advisors? A Holistic Approach to Wealth, Business, and Legacy Planning

Discover how Omni360 Advisors helps business owners, executives, and multigenerational families navigate wealth management, business planning, tax strategy, and legacy planning through a coordinated advisory ...

<p>The post Why Work With Omni360 Advisors? A Holistic Approach to Wealth, Business, and Legacy Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Spousal Lifetime Access Trusts (SLATs): A Strategic Tool for Wealth Preservation and Family Flexibility

Learn how Spousal Lifetime Access Trusts (SLATs) can help families transfer wealth, reduce potential estate taxes, and maintain financial flexibility for future generations. For many ...

<p>The post Spousal Lifetime Access Trusts (SLATs): A Strategic Tool for Wealth Preservation and Family Flexibility first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Navigating the Step-Up in Basis: Core Rules, Critical Exceptions, and Strategic Benefits for Families and Business Owners

For many families, business owners, and high-net-worth individuals, one of the most valuable—but often misunderstood—tax concepts in estate planning is the step-up in basis. While discussions ...

<p>The post Navigating the Step-Up in Basis: Core Rules, Critical Exceptions, and Strategic Benefits for Families and Business Owners first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>