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February 2023 |
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Should Your Beneficiary Serve as
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For most people, choosing an executor or trustee means choosing someone close to them – a family member or a friend. However, this often means their executor or trustee is also a beneficiary. But, will choosing a beneficiary create a conflict of interest?
The short answer is, the best way to avoid a conflict is to be as specific as possible in your instructions to your executor and beneficiaries.
An executor or trustee has a legal duty to manage the property and assets in the decedent’s estate for the benefit of the trust or estate beneficiaries. This means that while the executor/trustee should be compassionate, they must also act in an equal and unemotional manner toward every beneficiary.
A beneficiary, on the other hand, is often emotionally involved. Even those beneficiaries who are not concerned with the monetary aspect of their inheritance will likely be emotionally invested in the heirlooms of the estate. Sadly, many family feuds are sparked when siblings can’t agree on who gets sentimental items such as the family silver or great grandma’s engagement ring. |
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That is why adding as much clarity as possible to the terms of your estate will decrease the chances that the executor will be tempted to take advantage of their position. However, you may also want to consider naming a disinterested party as a trust advisor or co-executor to provide checks and balances throughout the administration process.
If you are a beneficiary who is also serving as an executor or trustee there are a few things you can do to ensure you keep your roles separate.
You can:
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If you are concerned about naming an executor or trustee that is also beneficiary, or facing difficulty in serving in the role yourself, we can help you navigate the process in a fair and compassionate manner. |
Yes, Even Millennials Should
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Many people believe that estate planning is only for elders. The truth is that younger folks, including millennials, can benefit from having an estate plan of their own.
Millennials are generally defined as individuals born between 1981 and 1996—that is, people between the ages of 27 and 42. This is the age at which many people begin their careers and start families of their own. If you have a child, you should at the very least have a last will and testament. It allows you to name a guardian for your minor children, which helps ensure they will be raised according to your wishes if you and your spouse pass away unexpectedly.
Another reason millennials need an estate plan is to ensure people of their own choosing can make medical and financial decisions on their behalf in the event of incapacity. Legal documents such as powers of attorney for health care and finances can accomplish this goal and spare your loved ones from having to make difficult decisions about your care and/or finances if you can no longer make them yourself.
Estate planning can help you accomplish many other goals depending on your particular needs. We welcome the opportunity to discuss your options. |
Upcoming Seminars |
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ONLINE SEMINARS
Estate and Trust PlanningSaturday, March 18 10:00 am - 11:00 am This easy to understand, one hour seminar will help you to learn how to protect your family and wealth.
3 Reasons to Invest in a Senior Asset Protection TrustSaturday, March 18 11:30 am - 12:00 pm Learn how this Trust will protect your lifetime savings. IN-PERSON SEMINARS
5 Strategies to Protect Senior Savings from Medical CostsTuesday, March 28 2:00 pm - 3:00 pm Should you have difficulty registering, please contact us at |
Yahne's Personal and Professional Corner |
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Walta Shumye has joined or firm as Executive Assistant to Yahne. |
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Our Junior Paralegal Thierno Ba visited Disney World with his family. |
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Our Associate Attorney Emma Goetzman just returned from a trip to Ireland where she visited Dublin, Galway, Dromoland Castle, and Kinsale. |
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