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
Understanding Different Types of Beneficiaries
Summary:
In this episode our hosts dive deep into the complexities of estate administration, focusing on the roles and responsibilities of executors when dealing with different types of beneficiaries. The discussion covers the distinctions between legatee (non-residual) beneficiaries and residual beneficiaries, highlighting the importance of effective communication, careful accounting, and strategic planning in estate management.
They also offer practical advice on how executors can navigate the various challenges that arise in fulfilling their duties, ensuring that all beneficiaries are treated fairly and the estate is administered according to the deceased's wishes.
Key points:
- Residual beneficiaries are more affected by the executor’s decisions since their share fluctuates based on the estate’s income and expenses.
- Legatee beneficiaries are typically paid first, provided the estate is solvent and there are no claims or litigation.
- Residual beneficiaries receive more detailed information, including a full copy of the will and accounting records.
- Legatee Beneficiary: A person who receives a specific gift or amount stated in the will. Once they receive their gift, they have no further interest in the estate.
- Residual Beneficiary: A person who receives a percentage of whatever is left in the estate after all debts, expenses, and legatee beneficiaries have been paid.
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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