Tags
Abatement, Ademption, Assets, Beneficiaries, Common Estates, decedent, Distributing Property, Embedded Mistakes, estate, Estate Administration, Estate Attorney, Estate Documents, Estate Plan, Estate Planning, Executor, Financial Arrangements, Future Executor, Lawyer, Legal Arrangements, Opt-Out, Real Estate Agent, Tax Professional, Taxes, testator, Unintended Consequences, Will
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.
In common estates, suspect executor behavior will create suspicious beneficiaries. Although the beneficiary may view the executor behavior as suspect, the behavior may not be suspect at all. As described in the article 
The accounting process of an estate is an integral part of the probate process. Although estate law is different in many states, all states allow beneficiaries access to a final accounting. Therefore, an executor of an estate must produce a final accounting to close the estate.
Although avoiding probate is preferable in common estates, there is still a need to list beneficiaries in your will. As mentioned in the article 
Presently, apathy towards estate planning is commonly brought on by perceptions people have about estate planning. Recently, during conversations about estate planning, the following perceptions surfaced: 