When designating individuals to fill estate planning roles on your behalf, consider who can best step into your shoes and perform tasks you would if able. While they don't need to be lawyers or accountants, they should be responsible, communicative, and able to make decisions in your and your estate's best interest. Here are the key roles and their responsibilities:
- Reviews will terms with beneficiaries
- Gathers deceased's asset and debt information
- Secures and maintains assets
- Pays bills and debts using estate assets
- Distributes assets according to will
- Closes accounts and handles digital assets
- Has parental rights and responsibilities
- Makes decisions regarding care, education, and upbringing
Trustee (Trust)
- Manages trust assets
- Makes distributions to beneficiaries according to trust terms
- Provides information and accounting to beneficiaries
Agent (Durable Power of Attorney)
- Handles financial and property matters if you become incapacitated
- Consider naming a co-agent or alternate agent
Healthcare Agent (Healthcare Power of Attorney)
- Makes medical decisions when you cannot
- Works in conjunction with your living will (end-of-life care preferences)
When choosing individuals for these roles, consider their availability, willingness, familiarity with your affairs and wishes, and their judgment and integrity. Oftentimes, these are spouses, partners, family members or close friends. Take time to select people who can effectively carry out your wishes. Keep them informed of your instructions through regular updates.
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