There is a postmortem aspect to consider when you are planning your estate. Once you decide on a vehicle of asset transfer you have to ask yourself who will be carrying out these wishes that you have recorded on paper.
Those who use a last will to state their final wishes must choose an executor or executrix. In formal parlance an executor is a male, and an executrix is a female. However, sometimes the term executor is used to describe either.
The executor is charged with the responsibility of taking care of the business of the estate after someone passes away. This business can include paying final debts, liquidating property, and ultimately distributing the assets to the heirs in accordance with the wishes of the deceased.
Because of these responsibilities you should choose someone who is business savvy. The person that you choose must also have enough time to take care of everything that must be handled.
When you use a trust such as a living trust to arrange for future asset distributions you select a trustee to administer the funds. You can choose an individual if you would like to but you have to make sure that there are no conflicts of interest. Once again, you are going to want to select someone who has a good bit of business acumen.
It is possible to forgo the selection of an individual and engage a professional entity like a bank or a trust company to act as the trustee. This may be the best choice for those who want to be certain that the assets are handled in the best possible manner.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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