If your loved one named you an executor over his or her estate, you may be feeling overwhelmed by all the responsibilities the role might entail. In addition to dealing with the emotional aftermath of your loved one’s death, you must also now navigate the estate administration process, which, in some cases, can prove highly complicated.
One thing many Berks County couples do not give much thought to unless they separate involves combining their personal assets. Divorce is often challenging enough when establishing spousal and child support, custody and parenting time. When concerns arise regarding the division of assets, re-dividing the property is not always as easy as it was to combine.
Estate plans include more than just wills and powers of attorney. While these are important, they may not be enough depending on your assets. When you have a small business, you need more than a will passing it along to your successor. Instead, you need to make a succession plan.
Serving as executor of an estate can be a weighty responsibility. Even smart, experienced people can make mistakes. Knowing some of the more common pitfalls in advance can help you avoid them as you navigate the process of administering the estate and dealing with probate.