Establishing an estate plan means sitting down with your lawyer to discuss the disposition of your property after your demise. An estate plan is the best way to put your financial affairs in your preferred order. It lets you ensure your assets go where you want them to go instead of where the state of Georgia decides they should go. During this process, you may hear new words and terms you don’t entirely understand. This simple explanation of these key terms may help make estate planning choices easier.
Executor: The executor you name in your will is responsible for ensuring your assets are accounted for and properly distributed. In this trusted position, the executor administers the probate estate. They are also responsible for paying your debts and taxes out of the estate. Their role is to carry out your final wishes.
Trustee: A trustee is a person you choose to manage and administer money or other assets for yourself or on behalf of another person. The trustee is responsible for investment of the assets and administration of the assets for the benefit of the named beneficiary according to your wishes.
Guardian: A guardian is the person you give full legal responsibility for your child’s well-being. A guardian typically acts as the primary caretaker of a child or a minor. The guardian is someone you appoint in your Will or in the event you fail to do so, a Court may appoint a guardian.
Fiduciary: A fiduciary is entrusted to manage and protect assets on behalf of another person. A fiduciary must fulfill certain duties and act in good faith for the benefit of the beneficiary. Both trustees and executors are fiduciaries.
Familiarizing yourself with these terms makes the estate planning process easier to understand. At Grissom Law, LLC, we want to work together with you to ensure your estate plan is complete, your wishes are met, and your family is well cared for. Call us today to start putting your plans in order.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.