Top Estate Planning Firm Haiman Hogue Offers Key Tips On Stress-Free Estate Management - Arlington, TX

Leading estate planning lawyer Guy B. Garner, III, Senior Attorney at Haiman Hogue in Arlington, TX, shares guidance that can help reduce stress levels when handling a relative's estate. For more information please visit https://www.haimanhogue.com

Arlington, TX - August 13, 2023 —

An executor handling a relative's estate should seek out the guidance of an expert before making any firm decisions, Senior Attorney Guy B. Garner urged this week.

For more information please visit https://www.haimanhogue.com

Anyone named a trustee or executor carries the burden of an added level of responsibility in managing an estate - and with it, a closer examination from all interested parties, including beneficiaries and potential creditors, emphasized Garner, of Haiman Hogue, in Arlington, TX., “It’s important to remember that the term Executor refers to the person in charge of administering an estate when the deceased person dies with a Will and the term Trustee refers to the person in charge of administering an estate when the deceased person dies with a Trust. Each is administered differently, so consulting a professional estate planning attorney is essential to stress-free management of the estate.”

He elaborated: "A stress-free approach to trust management begins with having all the relevant documents to hand to manage the trust efficiently."

Certain documents are vital components related to a person’s estate, such as the trust agreement, will, powers of attorney, and any financial or medical directives. If a person is incapacitated, then a trustee or agent under a medical power of attorney will have to ensure there are healthcare directives in place so they can make effective decisions.

Mr Garner advised executors and trustees to take their time to read, review and re-assess all the documents, take notes and be sure of where they stand. "If drafted correctly, there will be information for the successor trustee(s) and beneficiaries, how assets should be distributed, and under what circumstances."

If they are handling a person's estate after death, an executor must identify and notify the beneficiaries. If the person who dies has a Trust, then the beneficiaries have the right to see that document also.

Documents such as an Application to Probate the estate, the original will and the death certificate must be filed with the probate court or clerk of court. Both the Executor and the trustee must also send notices to the Social Security Administration, post office, banks, financial advisors, the decedent's place of employment, and insurance companies.

Mr Garner said dealing with a relative's financials is among the trickiest aspects of being a trustee or executor. They have to locate and take custody of assets, such as bank statements, life insurance policies, federal and state tax returns, and even real estate.

Both a trustee and executor will also have to understand the decedent's debts, including hospital, medical and funeral costs. All can have a claim on the estate. They should assess potential claims carefully before agreeing to pay any debts against the estate.

Mr Garner concluded: "The best advice for any executor or trustee who is unsure of what to do, is to seek guidance from a professional estate planning attorney. An attorney who works exclusively in the areas of estate planning and elder law will be able to discover what their role or responsibilities entail. That extra helping hand can significantly contribute to a smooth transition of an estate's administration."

Source: http://RecommendedExperts.biz

Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 469-529-5502
Website: https://www.haimanhogue.com

Release ID: 89104366

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