Lightening the Executor Load for Your Adult Child

It's natural to want to ease the burden on our loved ones when we pass away. One crucial aspect of this preparation is selecting an executor for your estate. While it's common to appoint a family member, particularly an adult child, to this role, it's equally important to consider how to lighten their load during a challenging time.

Here are some key strategies to consider:

1.      Open Communication: Start by having an open and honest conversation with your adult child about your estate plans and their role as the executor. This make sure they understand your wishes and can ask any questions.

I encourage clients to discuss accounts generally, such as where they are held and who to contact, even if they prefer not to share specifics.

2.      Organized Documentation: Compile all relevant documents, including wills, financial account information, insurance policies, and property deeds, in one easily accessible location.

If possible, I like to help clients digitize their estate planning in a secure place. My clients have free access to Everplans, a secure online place to store financial and estate information where they can organize everything and share what they want with family members.

3.      Professional Support: I commonly hear that parents don’t want to burden their spouse or child with the administration work after they pass, such as contacting institutions, selling real estate, distributing assets, etc.

However, professional firms can be hired to help executors or trustees for a fee. There are two ways this is commonly done:

a)      Representative fiduciary: As executor or trustee, the executor can hire a law firm to help do all the work and then simply sign off.

b)      Serve as fiduciary: You can write a firm into your estate documents to be a trustee. In this capacity, they oversee and administer everything.

**One common strategy is to list a firm as successor trustee so the child can decline to serve if they want to, but it still gives them a choice.

4.      Consolidate Accounts: Consolidate accounts and assets to simplify your estate where possible. This reduces the complexity of the executor's tasks and minimizes the likelihood of oversight or errors.

 5.      Remember Details: Some of the biggest stressors on family are details most people wouldn’t consider (where the service should be held, who should be invited, what music they want). Write down these things—and again, digitize them if possible.

By implementing these strategies, you can help lighten the executor load for your adult child, ensuring a smoother and less stressful transition during a challenging time.

Happy Planning,

Alex

This blog post is not advice. Please read disclaimers.