Iowa residents who create a will are going to need to choose an executor to represent their estates during probate. If a person creates a trust, a trustee will be named to oversee the assets inside of it. An executor or trustee can be a family member, friend or colleague whom an individual trusts to respect his or her wishes. Those who don’t have anyone in their lives whom they trust to fill these roles may turn to professional representatives.
Individuals are allowed to name more than one executor or trustee. In some cases, a parent will choose to name each of his or her children to one or both of these roles. Those who allow multiple people to oversee an estate are encouraged to take steps to minimize potential conflict. Regardless of who a person chooses to serve as an executor or trustee, it is important that this individual is relatively young and of sound mind.
It can be a good idea to name a successor trustee or an alternate estate representative no matter how old or healthy a person’s primary choices may be. After an estate plan is created, individuals are encouraged to review wills, trusts and other documents on a regular basis. This can help to ensure that the plan does what an individual wants or needs it to do both now and in the future.
Choosing an executor or trustee is one of many estate planning decisions a person will make in his or her lifetime. An attorney may be able to help an individual learn more about selecting someone who is best suited for the role. If necessary, an attorney or other professional may agree to oversee a person’s assets whether they are held in an estate or in a trust.