HAVE YOU CHOSEN AN ESTATE ADMINISTRATOR?

Do you have a person selected to oversee the administration of your estate? For Texas residents involved in the estate planning process, choosing a trusted person to manage the distribution of one’s estate is extremely important. When considering a person most qualified for estate administration, many people choose their children. While many children get along and grow up to be responsible and trusted adults, sadly, this is not the case for everyone.

Children can still be designated to do the job, but discussing your choice with the other siblings may be the most sensible route to take. Estate division can often cause sibling rivalry. In addition, people entrusted to estate administration may be legally entitled to a stipend for their work. This may lead to one child receiving more money than the other children received, potentially causing strife in their relationship.

While many people do select children to oversee their final wishes, there are sometimes issues that prevent one from doing so. In that case, other trusted friends or relatives can be assigned the duty, even if they do not reside in the same state. Anyone else assigned to the duty may also be eligible to receive a commission for their work from the person’s estate.

Texas residents know that different situations exist that make it difficult for a person to place a family member in charge of their estate administration. However, choosing a trusted person is a critical step to ensure one’s last wishes are fully adhered to and the estate is taken care of.

Source: Winston-Salem Journal, “Choosing administrators key when planning your estate,” Mike Wells, Aug. 5, 2012