Estate planning can be difficult for anyone, but in some ways, the executor of the estate ends up with the hardest job. It is important to talk with your Newport Beach estate planning lawyer to determine if your chosen executor is right for the task. He or she can help clear up some of the confusion that is associated with the job and help you determine who is the best choice.

The executor of the estate has an important role to play after your death. He or she is primarily responsible for the legal proceedings that take place. Some of these are tedious but not necessarily too difficult, such as making calls to banks, getting copies of the death certificate dispersed, etc. On the other hand, there are aspects of the job that can get quite complicated. The Wall Street Journal has a few things to say on the subject in this article by Arden Dale.

For example, the executor of the estate must administer your will through the probate process in cases where trusts were not set up in advance. This legal process can take years, and the executor must make court appearances, file paperwork, and otherwise be available to do a multitude of tasks.

For these reasons, it is important to work with your Newport Beach estate planning lawyer to determine who has the organizational and multi-tasking skills necessary to engage in this process. While it may seem like an honor to ask a friend or family member to take on the executor role, you may really be asking for a great deal of time and effort on his or her part.

The executor of the estate also needs to be able to keep a cool head. The death of a loved one, not to mention the promise of an inheritance, can bring out the worst in people. Every time there is a challenge to the will, the executor will be in the middle of it. If he or she is too closely involved, this can have a negative effect on the overall outcome. When the distribution of money or family memorabilia is done, there may still be some hurt feelings and damaged relationships involved. Can the executor of your estate handle that?

Finally, you and your estate planning lawyer should approach the potential executor and ask him or her if the job is accepted. Far too often, we see family members who are surprised that they’ve been named as an executor, and they are woefully unprepared for the task. Getting the person’s approval in advance allows him or her to fully understand what the job entails so that your estate can be administered in the best way possible.

By Darlynn Morgan, Newport Beach Estate Planning Lawyer

Just when you thought the world was finished with Anna Nicole Smith’s legal woes and the troubled actress could finally rest in peace, another ugly court battle is underway.    Only this time it involves the trial of her doctors and former boyfriend, who are accused of illegally providing Anna Nicole with the prescription drugs that led to her untimely death.

This latest court battle comes on the heels of a devastating blow to her estate (and the financial security of her daughter), as the  U.S. Court of Appeals ruled in March that she was not entitled to any of her ex-husband’s (oil tycoon J. Howard Marshall) estate.

Of course Ms. Smith believed right up until her death that she was entitled to half of his fortune, claiming Marshall promised it to her when they got married.  However, Marshall had not updated his will and trust so the entire estate was awarded to Marshall’s son.

And as in the case of most estate planning nightmares, (which also happens every day among average people like you and me!) all of this drama regarding Marshall’s estate plan could have been avoided with a simple update to his will and trust.

According to a Wills & Estate Planning survey conducted in conjunction with Lawyers.com in December 2009, only 35 percent of adult Americans have wills, 29 percent have a power of attorney document and 18 percent have a trust.  And those numbers would likely dwindle substantially if you took out the number of people who have outdated documents.

That is a lot of money going to the court system, lawyers…and quite frankly, down the drain!

The Lawyers.com survey also found that 71% of Americans believe that given today’s economy, it is more important to focus on saving money than to spend it on long-term planning for their estate.  But, as the story of Anna Nicole Smith shows us, the cost to resolve an out of date estate plan can be far greater in the long run.

The only way to know the real cost of leaving behind an outdated, or even no estate plan, would be to meet with an experienced Newport Beach estate planning attorney.  We’ve made that process easier than ever by offering 10 free Family Wealth Planning Sessions (normally $750) to the first people who call our office each month.   These appointments do go very fast, so if you are ready to protect your family, wishes and assets should something happen to you, secure your spot by calling (949) 260-1400 today.