Legal and money experts talk about covering all the bases for financial consequences before and after death. Estate planning can involve a few or many methods to preserve assets and control things we choose to leave to heirs. What about virtual belongings? Who gets those when we die?
Trusts can be essential to an estate plan. Individuals can spend a great deal of time deciding which assets are placed in a trust. Estate planning advisors say equal consideration should be given to choosing the fiduciary or trustees who will manage the trust.
Legal professionals stress choosing estate executors and trustees carefully. One of the reasons is the enormous financial responsibility that trustees carry for beneficiaries of an estate. The person assigned to a trustee position must have the competence and professional advice and resources to do the job.
The administration of a trust following the death of its creator is usually left to a trustee. However, many legal experts now advise appointing a trust protector as a supplement for a trustee, rather than a replacement.
Wills are rarely hidden from public view. However, some Hollywood celebrities and other famous people request the sealing of a will for privacy.