Estate planning and the guide to follow to assure wills and trust get distributed accordingly

There are a lot of cases all over the world of integrity of wills and trusts being challenged in court by beneficiaries or third parties.

Fair and Proper Administration of Wills and Trusts

Introduction

Problems almost always arise when the administrator of the estate or assets begins distributing the assets among beneficiaries. Some beneficiaries may feel like they have not been fairly considered so they decide to take legal action. The whole process is costly, time consuming, emotionally damaging, and can even be traumatizing to both parties in the lawsuit. A will is a legal document and as such should be drafted carefully and made sure that all the legal requirements are upheld but this isn’t always the case. Having written a will or set up a trust for one’s beneficiaries doesn’t always mean that administering will be a smooth process. Some tips plans to ensure that fairness is upheld when distributing assets in a will or trust are discussed below.

Tips to Ensure Proper Administration

One of the greatest mistakes people make is choosing an administrator who is also a beneficiary of the will or trust. Perhaps the deceased may have though that selecting one of the beneficiaries to serve as an administrator of the will would be keeping matters of the will or trust in-house. This has one major short-coming; being that the administrator of the will may not be impartial in distributing the assets. The administrator may be tempted to put his or her needs above everyone else’s which may result to dishonoring the will and failing to observe and uphold the principle of fairness. Or in some cases, the administrator can be fair in distribution of the assets but the fact that he or she is also a beneficiary may not sit well with other beneficiaries making them question the integrity of the process.

Proper distribution of the assets in a will can also be ensured by adhering to all the legal requirements of a will. The one making the will should; be aware of the exact extent of their assets, have witnesses (who are not beneficiaries) when signing the will, and be of sound mind with rational reasoning at the time.

Also regular update and review of the will or trust is important. Certain events during one’s lifetime may call for a will’s update. For example; divorce, marriage, welcoming new children or grandchildren, death of a beneficiary, loss of property, and so on.

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One of the greatest mistakes people make is choosing an administrator who is also a beneficiary of the will or trust.

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Source: GetNews