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
Three Things Executors Often Don’t Know About Estate Administration
Episode Summary
In this episode, Gordon and Jenna break down three key aspects of estate administration that often surprise executors. While many assume the role is straightforward, there are hidden complexities, legal responsibilities, and risks that can catch executors off guard.
They discuss the public nature of probate, the personal liability risks of being an executor, and the importance of understanding that you can decline the role before acting. If you’ve been named an executor or are involved in estate planning, this episode is packed with essential insights.
Key Takeaways
1. Probate is a Public Process
- Many people assume their will remains private, but once probated, it becomes a public document.
- Anyone can search and request copies of probate documents, including the will.
- If privacy is a concern, alternative estate planning strategies—such as trusts—may be worth considering.
2. Executors Can Be Held Personally Liable
- Even with the best intentions, executors can be held financially responsible for mistakes.
- Personal liability means executors could have to pay out of pocket for errors, even if they acted in good faith.
- Risk can be managed through executor insurance, professional guidance, and beneficiary indemnities.
3. Executors Can Decline the Role
- You do not have to accept the role of executor, even if you were appointed in a will.
- However, once you begin administering the estate, stepping down requires a formal legal process.
- Many people aren’t even aware they’ve been named as an executor—have conversations in advance to ensure the right person is appointed.
Final Thoughts & Next Steps
Executors should educate themselves on the responsibilities and risks before acting. Thoughtful planning and early conversations can prevent future complications. If you’ve been named an executor, seek legal advice to ensure you’re prepared.
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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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