Essentially, a future executor should prepare for an estate administration while the testator is still alive. By reviewing the estate plan with the testator, the future executor will understand the wishes of the testator. Additionally, depending on the level of knowledge the future executor possesses on estate planning, correcting embedded mistakes in the estate plan is possible. Regardless, at the very minimum, knowing the basic details of the estate plan and the wishes of the testator may be enough. If the future executor has a higher understanding of estate planning, then perhaps an extensive review is possible. Either way, preparing for an estate administration with the testator is an important step towards a smooth estate administration.

Basic Details to Prepare for an Estate Administration

In many common estates, future executors lack the understanding to prepare for an estate administration. These executors assume that handling an estate consists of distributing the decedent’s property to the designated beneficiaries. Consequently, unintended consequences occur when these executors discover that estate administrations are more complex. To avoid such consequences, future executors should get involved with the estate plan while the testator is still alive. At minimum, the future executor should review  the following with the testator:

• The types of assets the testator holds.

• The terms of the will.

• Find out where the testator plans to store the estate documents.

• Ask for a list of professionals the testator used to build the estate plan such as the estate attorney, the tax professional, or the real estate agent.

• Ask for the name of the website the testator used to build the estate plan online, if necessary.

• Discuss the general wishes of the testator not listed in the will.

By reviewing the above topics with the testator, the future executor will understand how the testator wants the estate to unfold. Additionally, the future executor will acquire names of professionals that are familiar with the testator’s life circumstances. Accordingly, the future executor will have a base of understanding to make solid decisions and to build a team of professionals, if needed.

Beyond the Basic Details

Occasionally, with common estates, future executors have the knowledge to prepare for an estate administration. Whether they are professionals or served as executor before, these executors have the ability to conduct a deeper review. Therefore, experienced executors may review the following with the testator:

• Any complex financial or legal arrangements.

• Ensure that beneficiaries exist for accounts that allow for beneficiaries.

• Understand the size of the estate.

• Ensure there is a plan in place to minimize or to avoid taxes.

• Keep the number of beneficiaries to a minimum.

• If the estate is small, verify the will has a plan to avoid abatement or ademption.

• Combine similar accounts.

Generally, by reviewing the finer details with the testator, the future executor can discover embedded mistakes in the estate plan. Accordingly, the testator can make the necessary adjustments and avoid any unintended consequences.

The Last Word

As a future executor, to prepare for an estate administration is to determine if you are fit to serve as executor. By reviewing the estate plan with the testator, you will discover if you have the skills or the time to settle the estate.

As discussed in the article, Can I Opt-Out from Serving as Executor, there are ways to get out from serving even if you agreed to serve.  However, the best way to opt-out is to make that determination with the testator. If you decide you lack the ability to serve, let the testator know while alive so the testator can adjust the estate plan and designate another person. Otherwise, to opt-out while administering the estate would involve the probate court and delaying the administration. Delays in the administration would cause anxiety for the beneficiaries and others involved with the estate.

Ultimately, if a future executor wants a smooth estate administration, then the executor should prepare for an estate administration.