THE HARDEST JOB IN ESTATE PLANNING ESTATE EXECUTOR

First comes grief and then the paperwork, an inside look at the job of estate executor. After relatives die, there is a tedious, messy process of managing what they leave behind. The person designated to handle the estate, typically the executor named in the will, must determine what someone owned and owed, pay creditors and taxes, and distribute assets to heirs.

The job is often unwelcome, and sometimes comes as a surprise. No one expects to spend 200-plus hours completing the process, or that there will be family drama over the house or other possessions.

Many Americans underestimate the expense and time required. Often a lawyer is needed, or a court has to oversee the process. If there is no will, extra costs and delays are common. We have seen many cases where people named as executors don’t want the job or decline it.

At Anthony J. Madonia & Associates, we recommend that people writing their wills ensure their named executors are up to the job, and revisit the choice every few years. Naming a family member feels natural, but a grief-stricken relative might not be able to cope with the task. Picking one child can lead to resentment from siblings, while having co-executors can result in stalemates. Consider choosing an impartial third party -such as a friend, lawyer or accountant-especially in situations where conflict between heirs is likely.

The hard work of estate distribution includes the last income tax return, distribution of property and more. Absent a will, things get more complicated and can take longer, especially when unexpected events occur. Complications can easily arise such as finding heirs.

As specialists in estate planning, our team can help you get started or update an older estate plan. Given the evolving changes in life, as well as the uncertainty with tax and trust laws, everyone needs an estate plan. When done correctly, planning for the future sets the stage for smooth transitions with minimal disruption, especially during emotional and difficult times.

Anthony J. Madonia & Associates, Ltd. can provide expert assistance with your legal needs. Please feel free to contact us for more information, or if you need legal representation- info@madonia.com or 312-578-9300.

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Exiting a 1.2 mile swim in a Half Ironman distance race at the 2023 Long Course National Championships in Daytona, Florida. I went on to take 2nd in my age group and 16th overall (out of 448).