When planning for the future, many of us default to naming a family member or a fiduciary as our Power of Attorney or Estate Executor. It seems like a natural choice—after all, who better to handle our affairs than those closest to us? But this well-intentioned and VERY personal decision often overlooks the staggering complexity and time commitment these roles actually demand.
The Real Cost of Estate Settlement
Let's put this in perspective: settling an average estate requires more than 550 hours of detailed work spread across at least 16 months. For an estate valued at $750,000, the process typically costs upward of $30,000 (1). These figures aren't just about legal fees—they represent countless hours spent on intricate tasks that demand attention to detail, professional knowledge, and persistent follow-through.
Think about the scope:
· Securing and managing property
· Coordinating CPA, legal/estate and financial advisors
· Closing dozens of accounts across multiple institutions or updating account ownership/liability to survivors
· Compiling the documentation for what can be a very complex tax return
· Navigating probate documentation
· Transferring assets and deeds to surviving owners or beneficiaries
· Processing insurance claims
· Distributing personal belongings
· Managing creditor claims
· Maintaining detailed records of every transaction
· Personal effects – distribution, sale and/or disposal
Given this broad list of responsibilities, a fiduciary or financial institution will not take on tasks outside of those pertaining to your assets and a trusted person/family member may not have the bandwidth to take on the full responsibility or they may not feel prepared to take on the financial, legal or tax tasks.
Power of Attorney – Separating the Emotional from the Work
Accepting the role of Power of Attorney carries profound responsibilities that extend far beyond basic decision-making. While often viewed as a straightforward designation of trust, this role demands sophisticated financial oversight, meticulous record-keeping, and complex legal navigation. Even the most well-intentioned individuals can find themselves overwhelmed by the scope of duties and potential liability.
The stakes are particularly high as even unintentional missteps in managing someone's affairs can lead to serious consequences. From investment decisions and healthcare choices to daily financial management, each action must be executed with precision and documented thoroughly. The emotional burden of making critical decisions for a loved one, combined with the technical demands of the role, creates a complex dynamic that many find challenging to navigate successfully.
The Professional Advantage
This is where professional executors like Tight Ship Advisors make a crucial difference. We bring:
· Decades of experience navigating complex estates & supporting clients through all chapters of life
· Established relationships with legal, tax, and financial professionals to insure efficiency, compliance and security in the moments that matter most
· Systematic processes for managing every detail
· Unbiased professionals that stand by your directives & wishes at all milestones
· Full-time dedication to completing the process efficiently
Making the Smart Choice
While naming a family member or a financial institution as executor might feel like the natural choice, the reality is that estate settlement requires professional-level commitment, knowledge, and time. By choosing a professional executor like Tight Ship Advisors, you're not just ensuring efficient estate settlement—you're protecting your loved ones from a burden that could overwhelm them at their most vulnerable time.
Our team brings not just expertise, but also compassion and understanding to this vital role. We handle every detail with the utmost care and professionalism, ensuring your wishes are carried out exactly as intended while protecting your loved ones from the overwhelming complexity of estate settlement.
Ready to ensure your estate is handled with the care and expertise it deserves? Contact Tight Ship Advisors to learn more about our POA and executor services. Let us handle the complexities so your loved ones can focus on what truly matters.
Comments