Many people in Maryland, after they create an estate plan, name their spouse or children as administrators of their estate. Communication is key in these situations even though talking about what to do when the worst happens is not always an easy discussion to have. For some, naming a professional to administer their estate after their death can alleviate the burden on their spouse and children.
For example, in many relationships only one spouse handles the family finances. If that spouse dies, their partner may not have the necessary information regarding financial accounts and other assets they need to administer the estate and take care of the household. Even if one takes care to create a comprehensive estate plan, it may not always mean that their spouse knows what to do with these important documents once the creator passes away.
Naming a professional such as a bank, accountant or an attorney to administer one's estate following one's death,may be one way to ensure that the situation is handled properly. In fact, by communicating this with one's spouse or children, all they need to do is contact this professional who will then take the necessary steps to manage one's estate after the creator of the estate plan dies. This does not only mean distributing assets but also ensuring that bills are paid and other necessary financial transactions are handled.
In the end, naming a professional to handle the estate administration process is just one of many options a person has. For some people that is the best choice, while other people will still find that naming a spouse or child as administrator is in their best interests. For those who cannot decide, seeking legal advice may help.