Preparing Executors and Trustees

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In the second video in our series on Preparing the Next Generation, Brian Cochran sits down with Curtis Vernon, an Albuquerque estate attorney to discuss the practical side of naming an executor or trustee for your estate. We talk about the importance of customizing your estate plan to your family’s particular circumstances, and what you need to consider before appointing a friend or family member to the role of executor.

As you watch, here are a few questions to consider:

  • Does it make more sense for your circumstances to set up a will with an executor, or should your estate be placed in a trust or multiple trusts for your heirs?
  • Have you selected a personal representative from your family with the necessary availability, financial acumen, organizational skills, and character to manage your estate?
  • Would your circumstances be better served by a corporate trustee rather than placing the responsibility on a family member?
  • Are there ways you can simplify your estate and manage your assets now to make it easier on your heirs in the future?
  • Have you thought about other things you wish to pass forward to future generations beyond wealth, such as values, accumulated wisdom, and life experience? How might you convey that information alongside your financial estate?

Families are often reluctant to talk about their finances, but we’ve found that clear, open, and honest communication to set expectations around estate planning is helpful for preparing the generations that will be inheriting wealth. We encourage you to share this video with your family members as a way to start this conversation and reach out to your financial planner and estate attorney to begin assembling your team for managing this transition.

Resources in this Video

Curtis Vernon
Lighthouse Law

Other Videos in this Series

Part 1: Caring for Aging Family Members

Part 3: Being a Wise Steward of an Inheritance

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