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Exercising Executor Discretion: Best Practices and Guiding Principles
Episode Summary
In this episode of Estates Made Simple, Gordon VanderLeek and Jenna Carvalho tackle an essential topic for executors: exercising discretion when making decisions during estate administration. From choosing vendors to distributing assets, executors face numerous discretionary decisions that can impact the estate's value and beneficiaries' satisfaction.
The hosts provide a thoughtful framework to guide executors in their decision-making process, emphasizing objectivity, professional advice, and documentation to minimize liability and maximize the estate's value.
Key Takeaways
- Objectivity Is Crucial:
- Avoid defaulting to familiar choices, such as the deceased’s investment advisor or realtor.
- Conduct due diligence by exploring options, evaluating qualifications, and comparing quotes.
- Engage Beneficiaries:
- For significant decisions, communicate options and plans with beneficiaries to gather input and reduce potential objections.
- Ensure beneficiaries understand that while their input is valued, the executor retains decision-making authority.
- Seek Professional Advice:
- Rely on experts for valuations (e.g., artwork, real estate, vehicles) and decision-making in areas beyond your expertise.
- Consulting legal, financial, or tax professionals can safeguard executors against liability and ensure optimal outcomes.
- Document Your Decisions:
- Maintain records of the decision-making process, including options considered, expert advice sought, and rationale for final choices.
- Detailed documentation provides protection in case of disputes or challenges from beneficiaries.
- Balance Thoughtfulness and Efficiency:
- Approach each decision thoughtfully, considering all factors while acting promptly to keep the estate administration on track.
Practical Scenarios Discussed
- Choosing investment advisors and documenting their qualifications.
- Deciding on the sale of assets like homes or vehicles.
- Handling disagreements among beneficiaries by maintaining transparency and seeking consensus where possible.
Subscribe and Follow:
Thank you for tuning in! Don’t miss future episodes of Estates Made Simple. Subscribe on your favorite podcast platform or watch the video version on YouTube.
See you next time! 😊
Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram
Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram
View all episodes
By Jenna Carvalho & Gordon VanderLeekEpisode Summary
In this episode of Estates Made Simple, Gordon VanderLeek and Jenna Carvalho tackle an essential topic for executors: exercising discretion when making decisions during estate administration. From choosing vendors to distributing assets, executors face numerous discretionary decisions that can impact the estate's value and beneficiaries' satisfaction.
The hosts provide a thoughtful framework to guide executors in their decision-making process, emphasizing objectivity, professional advice, and documentation to minimize liability and maximize the estate's value.
Key Takeaways
- Objectivity Is Crucial:
- Avoid defaulting to familiar choices, such as the deceased’s investment advisor or realtor.
- Conduct due diligence by exploring options, evaluating qualifications, and comparing quotes.
- Engage Beneficiaries:
- For significant decisions, communicate options and plans with beneficiaries to gather input and reduce potential objections.
- Ensure beneficiaries understand that while their input is valued, the executor retains decision-making authority.
- Seek Professional Advice:
- Rely on experts for valuations (e.g., artwork, real estate, vehicles) and decision-making in areas beyond your expertise.
- Consulting legal, financial, or tax professionals can safeguard executors against liability and ensure optimal outcomes.
- Document Your Decisions:
- Maintain records of the decision-making process, including options considered, expert advice sought, and rationale for final choices.
- Detailed documentation provides protection in case of disputes or challenges from beneficiaries.
- Balance Thoughtfulness and Efficiency:
- Approach each decision thoughtfully, considering all factors while acting promptly to keep the estate administration on track.
Practical Scenarios Discussed
- Choosing investment advisors and documenting their qualifications.
- Deciding on the sale of assets like homes or vehicles.
- Handling disagreements among beneficiaries by maintaining transparency and seeking consensus where possible.
Subscribe and Follow:
Thank you for tuning in! Don’t miss future episodes of Estates Made Simple. Subscribe on your favorite podcast platform or watch the video version on YouTube.
See you next time! 😊
Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
Facebook
LinkedIn
Instagram
Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
Facebook
LinkedIn
Instagram