September 29, 2015
We’ve all heard stories of families torn apart over the distribution of a loved one’s estate.
Even when wealth owners have an estate plan in place, they might be setting up their family for years of frustration, disappointment and potential financial risk if the plan doesn’t include a clearly defined settlement strategy, including an executor who has the time and skills to manage the many tasks involved.
“No one wants to think their family will fight over their assets, but it happens a lot,” says Trisha Vicario, Vice President of Estate Administration for The Private Client Reserve.
To reduce that potential for tension, wealth owners should work with their financial and legal advisors to create a settlement plan that will streamline the distribution of their estate while keeping loved ones abreast of what they will receive and when, she says.
That begins with choosing an executor. While it might seem like a good idea to choose a friend or family member, individuals with complex estates should be sure the chosen person has the time and skills to do the job effectively. “Being an executor is a huge responsibility to put on someone,” Vicario says.