Executors usually liquidate all of the decedent’s property and distribute cash to the beneficiaries. Occasionally, however, a beneficiary wants to receive the decedent’s real property in kind, as part of his share. The beneficiary may already live in the property, or may want to move there in the future. Another example is vacation property. What might seem like a simple transaction can become contentious and complicated. Selected issues and recommendations follow. Continue reading
In limited circumstances it is prudent to name a trust as IRA beneficiary. The practice should be used sparingly, however, because it adds a layer of complexity and increases the administrative burden.
IRA beneficiary designations are commonly overlooked, but incredibly important. In general, a will does not affect the destination of IRA monies at death; instead, the beneficiary designation controls.
Although banks were commonly named as executors many years ago, this is seldom true anymore. But it certain cases, it still makes sense.
If your children have issues with each other, the child named as executor will have a thankless job. The child’s siblings will be miffed that they were not appointed executor. They will continually contend the executor is acting out of self-interest or favors some siblings at the expense of others. Continue reading