Showing 3 posts tagged estate administration.
As an estate planning attorney, I often receive calls from individuals who have just been designated as a personal representative and are wondering what they are legally required to do. Personal representatives may either be named an Executor (Executrix if the individual is female) or an Administrator (Administratrix if female). An Executor is the person whom a decedent named in his or her Will to be in charge of the administration of his or her estate. An Administrator is the person appointed by the court to be in charge of the estate when someone dies without a Last Will and Testament. More >
Traditional estate plans generally consist of a will and other documents that are meant to provide a map for fulfilling the wishes of the individual both before and after death. There are times, though, when an estate may be better served by other estate planning vehicles such as a revocable living trust, which can provide flexibility, privacy and ease of administration. These types of trusts are becoming popular and should be afforded due consideration when planning an estate. More >
As digital assets become more and more ubiquitous, they are increasingly becoming a headache for representatives of an estate and other fiduciaries acting on behalf of an incapacitated principal. This growing problem manifests itself in several ways, such as when a decedent elected to receive important documents such as tax documents, bills and bank statements electronically; created automatic and recurring payments online; or owned valuable online assets such as electronic currency, domain names or other digital property. Fiduciaries face a myriad of problems in accessing these items as transactions occur more and more in the digital realm. In 2014, the Uniform Law Commission – a group of lawyers, judges, legislators and academics charged with promoting uniformity across state laws where it is practical – tackled the problem head-on with the approval of the Uniform Fiduciary Access to Digital Assets Act (“UFADAA” or “the Act”). The road to enactment of this uniform law, however, has been bumpy at best. More >