What Happens to the Powers of an Estate Trustee without a Will

//What Happens to the Powers of an Estate Trustee without a Will

What Happens to the Powers of an Estate Trustee without a Will

Do you need a will? The answer is a thousand times over yes! Estate planning is a crucial and important step that people tend to shy away from because of the nature of it. The fact is that you need to protect your family and your assets. So, sit down with your lawyer in Tampa and go over your estate plan. Make sure to draft a will so that you can prevent the problems that we will discuss shortly. Save your family from any major headaches by meeting with your lawyer in Tampa now, so that you can start drafting a will and tailoring an estate plan to your specifications.

One of the big drawbacks of not having a will is that it at often times limits the powers of your estate trustee. Your estate trustee is the person that executes your wishes. They tend to be appointed in a will. However, if nobody was appointed or if there was no will, then the court appoints the trustee. The problem here is that your wishes may not be delivered as you wanted them to be. That’s why it is so critical to have a will. Speak with your lawyer in Tampa to avoid these problems. By having a will, you can specifically outline your wishes clearly.

So, let’s go over two big issues that arise when there is no will:

  1. Selling Estate Assets
    Selling your estate’s assets can become tricky without a will in place. That’s because a will usually specifies what to do with the assets. For example, if your will included the sale of your summer home, then it’s a done deal. But, if you don’t have a will and left three surviving children, problems could arise. The appointed estate trustee cannot sell the land without the approval of the beneficiaries. So if two want to sell and one wants to keep the home, then there is going to be some friction.
  2. Use of Estate Assets
    Again, here is another issue that could be resolved if there was a will. What beneficiaries can do with these assets, can create some major headaches. For example, what would happen if the deceased wished that their friend or certain child live rent free in an apartment that they owned for x amount of time? Without a will to specifically outline that provision, then it’s quite difficult to enforce that.

Not having a will creates headaches for your beneficiaries. Just remember that if you want your final wishes carried out to your specifications, then it’s time to meet with your lawyer to draft up a will. Check out our blog for more tips and info. Contact Fresh Legal Perspective today by calling (813) 448-1042 and ask about meeting one of our lawyers!

By |2018-04-20T23:19:27+00:00March 2nd, 2018|Uncategorized|Comments Off on What Happens to the Powers of an Estate Trustee without a Will

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