One of the estate planning issues that is often best discussed by couples prior to their meeting with the estate attorney is who should handle the estate settlement process after both of the parents pass away. The title of this person or persons will be as executor or co-executors (if assets are transferred through the last will requiring the court-supervised probate process), or their title will be as successor trustee or successor co-trusteees (if they are transferring assets out a trust to the trust beneficiaries (outside of court involvement).
Their role, depending on the assets, debts, and participants involved, is often to collect asset and debt information, pool financial resources, sell a home or other estate/trust assets, and provide for the proper distribution to the heirs named in the will or the beneficiaries named in the trust.
Some couples make this decision rationally (the child with the best skills for the job), while other couples make this decision emotionally (we don't want to offend any of your children).
Perhaps if married couples attempt to discuss this prior to meeting with the lawyer, it may trigger them to getting feedback from their children before they make a final decision.
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Paul Rabalais
Louisiana Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
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