Mario Godoy: And so mistake number three.
Steve Novak: So this one, I mean, this one is probably, you know, probate court, you see this, this a lot. Um, you know, basically someone will have when they’re creating a will, there is one person that they have in mind to be their executor, um, and that person, for whatever reason now can’t do it. And so we’re basically in a situation where you got and gone through the trouble of creating a will and naming an executor, but, but now that executor can act. So what happens? Um, so now basically it, it opens it up to all your diff all your heirs to either serve or nominate someone to serve as administrator. Um, the technical term is administrator with will annexed because, you know, they’ll still go ahead and follow your will, but now you have an issue as to who’s going to be the administrator. Um, and, and, you know, the issue with that, and there’s actually two big ones is one, is that now there there’s, it opens up the potential for a fight over.
Steve Novak: Who’s going to be the administrator. You know, you name an executor that person can serve. Uh, if you name a backup executor, then you basically are just adding another layer that will prevent, you know, the, the possibility of some sort of battle over who’s going to be the administrator. Um, and then the second main issue is, again, I’m bringing up the bond again is most wills, waive bond, meaning that now your, your, you know, your, a state, your won’t have to pay a bond premium, but that only applies to executors that you have named in your will. Um, so if, if all your executors can’t serve or, you know, have passed away and you’re dealing with an administrator, that administrator is still going to have to post a bond, is still going to have to qualify for the bond, just like anyone needs to qualify for an insurance policy. And then the premium is coming out of your estate. Um, you know, and depending on how big your estate is, you know, premiums, bond premiums can be thousands of dollars, um, per year. Um, and so, you know, basically going through, again, going through the trouble of creating a will naming executors, um, you know, if you don’t plan for a backup, then essentially you could lose one of the benefits of creating that will in the first place.
Mario Godoy: Okay. And, you know, one of the other aspects to think about as well as that in Illinois, at least, you know, the law holds that only an attorney can represent the estate. Uh, you know, folks can typically represent themselves, but when your executor gets the court, uh, they’re really representing your estate. And so unless they are an attorney, you know, they’re going to have to go out and purchase legal services on top of, you know, a bond, if this is not set up correctly on top of any of the litigation that goes through. And, and this is why it’s so important, that one, you, you skip and not make these three common mistakes, but also that, that you sit with someone that sees both ends of this, uh, the pre-planning and the after death consequences, uh, to develop the best plan for you and your family.
Steve Novak: Right. And, and I would say, you know, as kind of a tie on to this mistake, you know, backups are, are important all throughout your estate plan. Um, you know, contingencies, if you will, um, you know, planning, trying to plan for the unknown, you know, it can be difficult because, you know, it’s hard enough thinking about your own death, let alone thinking about something bad happening to your loved ones. Um, but you know, when it comes to even gifts in your will or in your estate plan, you know, you, you want to think about, well, if something happened to this person, you know, w w you know, basically what, what would I want the contingency to be? Um, and so similar to backup executors, you know, as you, as you’re kind of deciding how you want your property to be distributed, you know, what gifts you want to give, you know, thinking of contingencies for those gifts, um, can be helpful. Um, just so in the unlikely event that something happens, you know, to the original beneficiaries, then you can, you know, you can go ahead and make those decisions while you’re still able to, you know, you’re not leaving them up to anybody else. You know, you’re able to kind of, you know, use your power while, you know, while you’re alive.
Mario Godoy: Well, Hey, you know, Steve, thanks being on today. Um, I want to thank everyone who made the time to listen to this. I think that, you know, if you’re still with us here, you poly pulled in a number of nuggets that you’ll be able to use, and either your planning, uh, or in reviewing your estate plan. And I hope you got value out of this. Now, if you want to take the next step, uh, you know, please reach out to us. You could use the contact form, you know, on this page, uh, that we’ll have up. Uh, you can also reach out to us at theestateandprobatelegalgroup.com website. We’d be more than pleased to sit with you and help you mold through this. You know, our mission is to protect your legacy, so that in your last moments, uh, you don’t have to worry about that and that, you know, that your family is taken care of. And so, you know, with that, just want to say good night, uh, and you know, we’ll hopefully hear from you soon,
Steve Novak: Thanks everybody.
