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Tax Planning with Charitable Trusts (Lead vs. Remainder Trusts): A Guide

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Does My Executor Need to Keep a Detailed Log of Assets?

December 3, 2021

Who you choose to serve as an executor and the information at preplanning you do for them can make a big difference on how easy it is for them to handle probate.

Executors, also known as personal representatives, have important responsibilities that all must be handled with care. The first of these is to begin by gathering information. It is very important for a personal representative or an executor to keep a detailed log of all assets. This is often overlooked but a clearly detailed record of every item or asset that is to be distributed is especially important if there is no will in place.

This also ensures that nothing is unaccounted for or misplaced. Representatives, creditors, attorneys and even beneficiaries can ask for information about what was included in the estate so keeping a thorough log can help to prevent any issues later on in the process.

Before distributing anything, make sure that you sit down and complete this detailed log, you will thank yourself later when it becomes much easier for you to reflect back on this information and show how you have clearly approached each part of the process. The support of an experienced attorney is instrumental in guiding you through these phases

 


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Recent Posts
An Overview of Asset Transfer Strategies

You may need to transfer assets for all sorts of reasons. A working knowledge of ...

The post An Overview of Asset Transfer Strategies first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Tax Planning with Charitable Trusts (Lead vs. Remainder Trusts): A Guide

When navigating the complex world of estate planning, financial planning, and tax planning, understanding the ...

The post Tax Planning with Charitable Trusts (Lead vs. Remainder Trusts): A Guide first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more