So, who should you select as executor or trustee? Don’t automatically select the estate planning lawyer or oldest child as executor and the bank recommended by the lawyer as trustee. Unfortunately, a good estate plan can be ruined if the wrong people implement it. Give a lot of thought to whom should execute your plan. A veteran attorney practicing in the field will be able to anticipate conflicts and help you reduce them.
Don’t search for a perfect solution. An estate plan strikes a balance between your goals, the needs of your family, the tax law, and perhaps other unique factors.
A qualified estate planning attorney will present you with more than one option. Each will handle the trade offs in different ways, from which you’ll choose the one that strikes the balance you prefer.
The original article says to make your general plan known, but that doesn’t mean you should circulate your will. The amount you disclose will vary depending on your family dynamics. Meet with your planner at least every two or three years to review changes in your financial picture, family, and goals as well as the tax law.
