Planning for Philanthropy: Making a Lasting Impact
There are many things to consider when planning for your estate plans and setting up your Will. Establishing a philanthropic endowment from a percentage of your estate or Will makes an enduring impact on the issues that are most important to you. An estate gift or planned gift is a way to give back to the communities that supported you in your life and a way to leave your legacy to the causes that most impacted you.
Prudence in Administering an Estate
A Will often stipulates the naming of an executor, be it sole executor, substitute executor, or even joint executor. Executors have a legal duty to administer the deceased’s estate, managing and being responsible for the entire process until the final distribution to the beneficiaries has been carried out. Apart from the distribution of assets to beneficiaries, it also involves identifying all assets (locally or globally), calling in of the assets, settling outstanding debts/ liabilities, declaring and paying taxes where they are due.
The process takes minimally six months and can last up to years for complicated cases. Throughout this time, executors are expected to carry out their duties with utmost diligence, good faith and loyalty, acting in the best interest of the estate and being answerable to each beneficiary.
