Estates Made Simple
Welcome to the “Estates Made Simple” Podcast, hosted by Gordon VanderLeek, a licensed lawyer specializing in wills, estates and trusts, and Jenna Carvalho, an estate and trust consultant with over 10 years experience helping families secure their assets and plan for the future. We are a bi-weekly podcast that discusses the complicated and often confusing world of estate administration. Our goal is to provide you with the insight, knowledge and resources to help you navigate this complex process. Every episode we bring our unique perspective to provide listeners with unbiased information and practical tips to ensure success and mitigate risk. Even if you are not an executor, there will be topics of interest as you consider planning options for your own estate. Join us for helpful tips and important information on navigating estate administration so you can achieve peace of mind as an executor or administrator.
Estates Made Simple
Managing Missing Assets in Estate Planning
Summary:
In this episode, we delve into the complexities surrounding missing assets in estate planning. Testators often draft their wills years before passing, stipulating specific items for particular beneficiaries. However, circumstances change, and assets may no longer be owned as intended. We explore what happens when items mentioned in a will are missing, the executor's duties, and how to navigate these situations effectively.
Key points:
- Testators may specify in their wills that certain items go to specific individuals, but circumstances can change before their passing.
- Assets may no longer be owned by the testator at the time of their death, leading to complications in executing the will.
- Proper planning and regular review of estate planning documents can help avoid issues related to missing assets.
- Executors must take reasonable steps to locate and secure assets, even if it requires effort and expenses.
- Failure to adequately address missing assets could result in legal liabilities for the executor.
- Legal advice may be necessary to navigate complex situations involving missing assets and ensure compliance with the testator's intentions.
- Executors should prioritize accountability to beneficiaries and take proactive measures to protect and preserve assets.
Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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