Now that you have seen the impact of coronavirus on people, you need to be ready for anything. Coronavirus affects people of all ages, races and gender. With this said, this is the perfect time to start thinking about these people that are vital in your estate plan.As it stands now, the number of cases has risen to 92,224 with deaths reaching 3,131.
Why are we insisting on running to the lawyer now rather than later? Well, when you get coronavirus, you will be quarantined, and you won’t get the time to talk to your lawyer face to face because even the state won’t allow it.
You will have put your family in problems, because they will end up arguing about your estate their whole life.
The role of an executor is to obtain the grant of the probate, then collect all the assets together, sell them when appropriate, settle bills, taxes and distribute the assets to the designated beneficiaries.
The good thing is that the executor will have an estate account, whereby they come up with a report that shows original assets and liabilities and what they have done with them over time.
When you have minors on board, the executor is tasked with managing the trust fund for kids under the age of 18.
Let us look at the various ways to come up with executors and guardians for your estate.