Many Tennessee families spend a great deal of time and effort creating an estate plan that reflects their wishes. No matter how carefully crafted, however, an estate plan is incomplete without the designation of the party or parties tasked with estate administration duties. When considering who is best suited to perform those roles, Tennessee families should consider professional estate administration services.
Handing over the responsibility for administering an estate demonstrates confidence in the party being chosen. However, it also places a great deal of responsibility on that individual's shoulders. Gathering assets, paying debts, contacting heirs and processing the transfer of wealth and property out of an estate are all challenging tasks. Asking a loved one who is going through the grieving process to take on those responsibilities may be a bad decision.
In addition, surviving spouses and children may not be well-suited to the job of administering an estate. An example lies in a surviving spouse who played little to no role in the management of family finances. Another example is an adult child who has not yet reached the level of emotional maturity or amassed the financial skills required to handle complex money matters.
One solution to this issue lies in procuring professional estate administration services. In many cases, the Tennessee estate planning attorney who helped to put the plan together can also assist when the time comes to put that plan into action. Estate administration services allow grieving loved ones to focus on honoring the life of their family member and moving through the grieving process, free from the burden of taking on the financial responsibilities associated with estate administration.
Source: thetimesherald.com, "Estate Planning: Choose the right person for the job", Matthew Wallace, Sept. 9, 2016