Trustees Executors and Agency Company: A Guide to Estate Planning

Trustees Executors and Agency Company is a leading provider of estate planning services in Australia. They offer a range of services to help individuals and families plan for the future.

Their experienced team can assist with the preparation of wills, powers of attorney, and other estate planning documents. This can provide peace of mind for those who want to ensure their wishes are respected after they pass away.

A will is a crucial document in estate planning, and Trustees Executors and Agency Company can help you create one that meets your needs.

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You'll need to name a fiduciary to handle your financial and healthcare matters during incapacity, and to administer and distribute your assets to beneficiaries. Fiduciaries are responsible for acting ethically and in the best interests of those they serve.

There are several fiduciary roles in an estate plan, including a successor trustee for a trust, an executor for a will, and agents for financial and healthcare powers of attorney. You'll need to name these individuals or institutions in your estate plan documents.

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Licensed private fiduciaries are individuals who are regulated by state law, licensed and bonded, and bound to act ethically. They typically operate on a smaller scale, providing personal attention and responsiveness, and may charge hourly fees.

You can name a licensed private fiduciary to handle all roles, including executor, trustee, and agents under healthcare and financial powers of attorney. Be sure to ask about their succession plan, as most have a plan for another private fiduciary to take over their practice if they retire or are unable to serve.

To name a trustee, you'll designate the person or institution in the trust document itself. You should consider factors like their financial acumen, trustworthiness, and willingness to take on the responsibilities, and make sure they don't have any conflicts of interest.

If you don't have a family member or close friend with the necessary financial knowledge, you can choose a bank or trust company to act as the trustee. If the trustee is unwilling or unable to serve, the court may appoint one based on state laws and the needs of the trust.

To name an executor, you'll include their name in your Last Will and Testament or Pourover Will. It's essential to choose someone you trust to follow your wishes and navigate the probate process, including its financial and legal aspects.

You should talk to the person before naming them to ensure they're willing and able to serve as your executor. If you don't name someone, the court will appoint an administrator, typically starting with a surviving spouse or close adult family members.

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You'll need to appoint a trustee if you have a revocable living trust, and this person will be in charge of managing your trust assets.

A trustee's responsibilities include providing an accounting of income and expenses, filing tax returns, and monitoring investments. They will also be in charge of managing your trust assets for many years, depending on the terms of the trust.

The executor of your estate is responsible for collecting assets subject to probate, paying debts, and distributing the rest of the assets according to your will. This is a short-term position and typically lasts only 12 to 18 months.

The executor is not responsible for assets inside a revocable living trust, which is why you might choose to have the same person serve as both trustee and executor. However, this is not always the case.

You'll also need to appoint an agent under a power of attorney to act on your behalf for assets outside of your trust. This can include all of your assets if you don't have a trust, as well as specific assets like cars, retirement plans, and life insurance.

The agent you choose should have the time and ability to manage your assets, as well as the skills to handle finances and deal with beneficiaries and third parties like banks and stockbrokers.

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Choosing a Fiduciary is a crucial part of estate planning, and it's essential to consider your options carefully.

There are three primary types of fiduciaries: an individual person, a corporate trustee, and a licensed private fiduciary. You should choose the one that best fits your estate's size and complexity.

A licensed private fiduciary is a good option if you want someone who can provide personal attention and be responsive to your needs. They typically charge hourly fees, which can be less expensive than a corporate trustee.

Family members or friends can also be a good choice for a fiduciary, especially for healthcare decisions. However, they may not have the financial acumen or experience to manage complex financial matters.

Corporate trustees, on the other hand, are a good option for large or complicated estates. They are impartial and can manage the financial details of your estate, but they may not be familiar with your personal or family history.

Ultimately, the key is to choose a fiduciary who is trustworthy, has the necessary skills and experience, and can act in your best interests.

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Corporate trustees are structured specifically to manage the financial details of a large volume of trusts and estates. They are likely to be paid a percentage of the assets managed, which may make them cost-prohibitive for smaller trusts and estates.

A corporate trustee is part of a larger professional team, so you don't need to name consecutive fiduciaries as you do with an individual. This can be a relief, especially if you're concerned about succession.

Corporate trustees are impartial and will act with objectivity and fairness, even in dealing with beneficiaries who may have competing interests. This can be beneficial in complex family situations.

However, corporate trustees may not be familiar with or sensitive to the circumstances, concerns, or goals of the beneficiaries and other family members. They also generally do not act as healthcare agents.

Ultimately, corporate trustees are a good option for larger, more complex trusts and estates, but may not be suitable for smaller, simpler ones. They can provide objectivity and fairness, but may lack the personal touch of an individual fiduciary.

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You can name the guardian for your children in your estate plan. You can name multiple people in order of preference in case the chosen guardian is unable or unwilling to take care of your child.

Consider whether you trust the person you're choosing to raise your children according to their wishes. You should always talk to the person you're choosing to make sure they're willing to take on the responsibility.

Failing to discuss your choice may result in their refusal to serve as your children's guardian. If this occurs and no alternate guardians are named, the court will decide.

The decisions you make today are not set in stone, you can update your estate plan at any time. This is especially important if you have a falling out with the named person or if they pass away.

You should understand the nuances of each role and trust one person to take on all responsibilities. Having a single person assume all those responsibilities could simplify things, but it also risks being too much for them to take on.

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Being intentional and organized when it comes to estate planning is crucial. At Trustees Executors and Agency Company, we help you craft a plan that considers your goals, needs, and wishes, without feeling overwhelmed or confused.

It's essential to review your financial and estate plans every couple of years to ensure they remain relevant. This allows you to adjust your plan as circumstances change.

To avoid a "goose chase" when you're incapacitated, it's vital to let people know where your important documents live. We recommend creating a "Where's My Stuff?" booklet to keep track of this information.

Here are some essential items to include in your booklet:

Having your estate attorney and a trusted advisor help you think through this process can give you peace of mind, knowing your wishes will be carried out.

A power of attorney agent may eliminate the need to name a guardian or conservator for an adult, simplifying the process of managing decisions during incapacity.

However, if there are disputes about the scope of the power of attorney's role, a court may still step in to name a conservator or guardian.

The agent(s) you named may still be able to help guide the court's decision during hearings.

The roles of a conservator, guardian, trustee, executor, and agent under a power of attorney can be fulfilled by the same individual.

Licensed private fiduciaries are individuals who are regulated by state law and can handle all roles including executor, trustee, and agents under healthcare and financial powers of attorney.

They typically charge hourly fees, making them less expensive than a corporate trustee.

A trustee is responsible for providing an accounting of income and expenses, filing tax returns, and monitoring investments for beneficiaries.

A trustee's role can last for many years, depending on the terms of the trust.

An executor's job is to collect assets subject to probate, pay debts, and distribute the rest of the assets according to the will.

The executor is usually a short-term position and will often last only 12 to 18 months.

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You should think carefully about who to name to these positions, as they carry important responsibilities and are responsible for managing and distributing assets.

You should only name someone who has the time to act on your behalf, as each of these positions can be time-consuming.

They should also be able to get along well with others and be able to disagree without being disagreeable.

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