Estate planning presents many tough decisions for people in Indiana, such as deciding how to distribute the assets of an estate and even figuring out which type of estate plan to set up. At Miller Flannery Law LLC, we know that unique challenges arise in some instances. For example, some people named as the executor of an estate decide to opt-out for one reason or another, which creates a lot of stress and uncertainty. This is why it is so important for people to ensure that they identify the right person when naming executors. Moreover, some estate plans name two or even three other people to serve as the executor in the event that the executor is unable or unwilling to carry out their role.
Because of these concerns, those creating or modifying an estate plan need to think carefully about who they have decided to place in charge of the estate plan. This is a major responsibility and some people are not cut out to take on these issues. Moreover, those who initially agree to serve as the executor of an estate sometimes lose the ability to serve due to a health crisis, mental health issues or other challenges. If possible, identifying other people to serve as the executor in the event of such a situation is a smart move.
This is just one of the critical issues that require careful contemplation when it comes to setting up an estate plan. The decisions that a person makes while creating their estate plan will have a significant impact on how their assets are divided after they pass away and their loved ones’ futures. Visit our estate planning page to read more.