The Successor Trustee or Executor has a fiduciary responsibility to carry out the terms of the will and trust. However, that does not mean that this person must do all the work. If the work is shared, not only is it easier on the executor, the beneficiaries will also have a better understanding of what is involved and have a greater stake in the best resolution for the whole family.

Build your own knowledge base. A lot has been written about estate planning. Check the library, the bookstore, and online. A particularly helpful website is nolo.com. When you have a basic understanding of how and why various estate planning tools are used, your experience of the transition will be much smoother—and less expensive with a better outcome.

It is wise to coordinate a team of advisors who can help you understand the variety of legal and tax strategies that can be applied to ensure effective estate resolution. If you have done some basic research, your advisors won’t have to educate you from the very beginning. Once you are familiar with the subject area, you will better know what questions to ask in order to efficiently expand your understanding. Your advisors may include a CPA, Estate Attorney, Financial Planner, Insurance Agent, Real Estate Agent, Meeting Facilitator and Coach. Get bookkeeping help if the volume or complexity of paperwork is beyond what family members can reasonably manage. Be sure your advisors are willing to communicate with each other and take the time to explain their recommended strategies to you.

Each involved family member should be aware of who the parents’ advisors are and how to reach them. In the best case scenario, family members will have been introduced to the advisors while the parents are still competent.

1. Identify the Parties Involved
2. Begin The Conversation
3. Build Trust
4. Competency of Trustee & Advisors
5. Element Five: Design Your Alliance for Family Meetings
6. Build A Team
7. Meet Regularly
8. Plan Fun into the Process
Conclusion