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Planned Giving

Your Estate Plan’s Quarterback

Your estate plan is the combination of documents that determine how your assets will be managed and distributed. When you create this plan, one of the most helpful things you can do for your family and beneficiaries is to spell out in detail how you want your estate to be handled. A critical part of that process is naming an executor.

Read more . . .

And, for additional information concerning Diocese of Baton Rouge Planned Giving options, please visit the “Plan My Legacy” page through the Office of Stewardship website: 
http://officeofstewardship.planmylegacy.org

Your Estate Plan’s Quarterback

 

How to Choose a Personal Representative

Your estate plan is the combination of documents that determine how your assets will be managed and distributed. When you create this plan, one of the most helpful things you can do for your family and beneficiaries is to spell out in detail how you want your estate to be handled.

A critical part of that process is naming an executor, known as a personal representative in many states. The representative holds an important job, serving as the quarterback of the estate settlement process. It is essential to entrust the right person to oversee the execution of the terms outlined in your will.

The Basics of a Personal Representative

If being a personal representative of a will seems like a big responsibility, that’s because it is. When it comes time to choose that person, you should pick someone responsible, organized and trustworthy. Common choices for an executor are a spouse, an adult child, a sibling or a close friend.

Your personal representative undertakes many important responsibilities, including:

  • Notifying all interested parties and agencies of your death.
  • Paying creditors and outstanding taxes.
  • Distributing your assets according to your will.


The Best Person for the Job

When selecting a personal representative, the most important consideration is whether the person can handle the various responsibilities of administering your estate. Many people select an executor based on that individual’s relationship to the person. This can quickly become disastrous when that person discovers that he or she is not suitable for the work.

If you don’t have a friend or relative you trust to complete these duties in a satisfactory manner, don’t worry. You could name a bank or trust company to handle these matters, for a fee. Many banks have experience administering estates, particularly larger ones.

Importantly, be sure to ask your selected representative before you name him or her as your executor. Ensure that your choice is willingly up to the task.

 

Make an Impact Through Your Plan

Please contact Tammy V. Abshire, CFRE at  This email address is being protected from spambots. You need JavaScript enabled to view it.  or 225-242-0108 to discuss ways to extend your support for the Catholic Diocese of Baton Rouge through your estate plan.

 

Stewardship Today is a monthly devotional newsletter designed to assist Catholics everywhere in developing a greater understanding of the role of stewardship in everyday life.
All we are, and all we possess, are gifts from God for our use and for the blessing of others. Through wise stewardship, we invest our time, our talents and our treasures to the glory of God.

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