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
Why Are Wills So Long? Understanding the Essential Provisions That Protect Your Estate
Summary:
In this episode, we dive deep into the world of wills, exploring the common question: "Why does a will have to be so long?" Our hosts discuss the difference between the unique client-tailored provisions and the standard template clauses, also known as the administrative provisions. These seemingly mundane sections often cause confusion, but they serve a crucial role in estate administration. We unpack how these provisions empower the executor with the tools they need to handle complex situations efficiently, avoid legal complications, and potentially save costs for the estate.
Through practical examples and real-world scenarios, our hosts explain how clauses like the power to borrow, the power to realize assets, and provisions for small trusts ensure smooth administration. Tune in to understand how these often overlooked sections provide flexibility, protection, and efficiency for both executors and beneficiaries.
Key points:
- The first few pages of a will are unique to the individual, covering key aspects like executor selection and asset distribution.
- As digital property becomes more common, wills now include provisions for handling everything from social media accounts to cryptocurrency.
- Executors can distribute assets (such as stocks or real estate) directly to beneficiaries, rather than liquidating everything into cash, which may preserve value and reduce taxes or fees.
- Power to Borrow: Allows the executor to borrow money if the estate has significant assets but is short on liquid cash, preventing fire sales and penalties.
- Power to Realize Assets: Gives executors flexibility to decide when and how to sell assets, avoiding rushed decisions and maximizing estate value.
- Distribute Assets in Kind: Enables executors to distribute physical assets (like property or jewelry) instead of just cash, offering more personalized and efficient distributions.
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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