Chronicles of an Executor: Article #7
Engaging Professionals: A Strategic Playbook (PART TWO)
Source: Apartment News Magazine
By Timothy Gorman
Real Estate Broker/CPA/Entrepreneur
Understanding the roles of those involved in both the crafting and execution of your estate plan and trust helps to ensure the fulfillment of your legacy vision.
As I noted in Part One of this “Engaging Professionals” article (Apartment News Magazine, January 2024), each expert has a unique function and perspective that needs to be acknowledged and integrated into the decision-making process. After I joined WR Gorman & Associates, my father and I began working on his estate plan and trust, and the insights that I am sharing are gained not only from that experience but also from now overseeing the implementation of those directives as both executor and successor trustee for my father’s estate.
Previously, I addressed the roles of your estate attorney, tax professional, and financial advisor. Other professionals on your team members include your real estate expert, a family counselor, an insurance professional, and business advisors.
Real Estate Expert: Focus on Clarity and Specificity
Clear and specific communication is needed when addressing property matters, whether in terms of management or how each property fits within your investment goals. Circumstances change over time, and as you approach your estate planning process, you need to consider the best course of action from not only your perspective but also that of your heirs.
Being prepared and asking specific questions about a property management issue or your investment concerns results in better-directed and more applicable advice. Also, ensuring that your real estate expert’s strategies align with your long-term objectives will lead to more effective management and decision-making.
Family Counselor: A Prerequisite for Open Dialogue
A family counselor is a much-needed resource to facilitate those tough conversations and proactively address potential differences and disagreements. Professional guidance can help you navigate the personal side of the estate planning process and, later, be invaluable in maintaining harmony and acceptance among your heirs. As a trained facilitator, the counselor can also work with those involved to identify and articulate issues and find ways to mitigate difficult situations.
Insurance Professional: Communicate Regularly
Regular communication is the key to ensuring that your insurance agent understands your financial and personal situation. You may be utilizing more than one source, so be sure to meet with each representative at least once a year to conduct an annual review of all of your policies to verify that your coverage fits your evolving needs.
Your agent is also an excellent resource for new options and trends. Being well-informed from an insurance perspective can achieve significant savings and better coverage.
Business Advisor: Seek Those with Specialized Knowledge
When business enterprises are part of your estate, including a business advisor in the early stages of your process is vital. As when working with your tax advisor, you need to be ready to provide detailed information about the operations and assets held within each entity.
If your estate includes multiple businesses, you may need to consult with specialists in each type of enterprise or undertaking. The more specialized the advisor, the more likely that individual will be better equipped to analyze and evaluate the value of that entity, as well as provide recommendations and suggestions for how it should be handled within your estate plan.
As noted previously, each expert plays a specific role in your estate planning process, and you are the one responsible for the integration and coordination of all of their efforts. Understanding how best to engage with each consultant can streamline the process according to your wishes.
Remember, as well, that your executor and successor trustee will need to navigate this same labyrinth of diverse perspectives and personalities. By sharing both the knowledge you gain during the planning process and the reasoning behind your choices and decisions, you can better fulfill your vision for the future of your heirs and your legacy.