X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Estate planning requires a client to make numerous decisions, and some of those decisions are given a lot of attention — such as, “Who should inherit my property?” or “Should I have a trust to avoid probate?” But one decision in particular rarely receives the attention it deserves, especially considering the risks and consequences that go with it.

Choosing an executor or trustee is a decision that is often downplayed by attorneys and clients alike, usually resulting in the selection of family members with little consideration as to whether the person is equipped and prepared to handle the responsibilities of the position. Considering a family member or loved one as an executor of an estate or trustee of a trust is understandable: It is assumed that a family member would “do the right thing” or would be offended if an outsider was chosen over a loved one. Estate planning clients are inclined to believe that family is a safe and economical choice. Statistically, though, family is just as likely — if not more likely — as nonfamily members to financially exploit relatives, and litigation costs can easily eat up the initial “savings” of not choosing a third-party professional executor or trustee. Aside from theft and exploitation issues, having certain family members control other family members’ inheritances can irreparably damage familial relationships long revered as indestructible, and worse, lead to estrangement.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.