Handling your parents’ estate can be a difficult task. It is time-consuming and is often times overwhelming. You may view it as something you just want to get done, which can lead you to rushing through the process. This can cause you to make some unnecessary mistakes.
Choosing a fiduciary is an extremely important decision. A fiduciary is someone who agrees to act for and on behalf of another person, creating a relationship of trust and confidence. A large amount of litigation is caused by fiduciaries that violate their duties.
When people think about estate planning, they usually think about what to do with their large assets like real estate, vehicles, bank accounts, and other significant assets. Many people do not take time to worry about how their smaller personal property will be transferred upon their death.
If you have read my blog titled “Estate Administration – The Process,” you understand that acting as a personal representative of an estate can be a tough job. The personal representative must properly manage and supervise the assets of the estate.