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Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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How to Educate Your Executor About Limiting Their Liability

One of the most important aspects of serving as an executor or personal representative is the duty of loyalty. There is a high level of trust associated with someone serving as a fiduciary and the more that you can do on your own estate plan to make them feel comfortable about this role but also clear about this level of responsibility, the easier it will be for them to step into this position in the future.

You might educate them about the specific liability rules in your state and give them action steps to make them feel more comfortable of serving in this position. Here are some dos for limiting executor liability:

  • Keep accurate and clear records
  • Inform beneficiaries about the amount and nature of their interest in the trust or estate
  • Keep control of all trust or estate property
  • Segregate trust and estate property from any other property
  • Exercise reasonable skill and care to make trust property productive, such as making it income generating
  • Supervise the activities of all agents

When someone is not familiar with what it takes to serve as a personal representative or an executor, they can find themselves in over their head. They might even need to hire an experienced probate administration lawyer to assist them with this process which can cut down on the overall funds available in the estate. If you want to avoid this situation, make sure that your executor feels confident about serving in this position. Speak to a lawyer about your next steps if you have not yet named an executor for your future.

 

Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more