The people you can count on.

Part of the estate planning process is selecting the people you trust to carry out your wishes in the event of incapacity or death, known as fiduciaries. A fiduciary has a legally enforceable obligation to act in your best interest and to the best of their abilities when entrusted with your money, property, or physical well-being. If you do not plan carefully, a court will choose someone to act on your behalf that may not be in accordance with your wishes.

Executor named in the Will or appointed by Court

This person has the responsibility to wind up your affairs at your death, collect your assets, pay claims, expenses, and estate and inheritance taxes, and distribute your property to the trustees or beneficiaries you have named. It is a task of limited duration, substantial responsibility, and often very complex. This role is comprehensive and can be exhausting for someone unprepared for settling the estate.

Guardians for Minor Children nominated in the Will and appointed by Court

This person or persons are responsible for taking care of minor children and the assets you leave to provide for their care. It is important to understand that guardians are nominated in the will, not named. The court chooses guardians for minor children and will often select nominated guardians once a background check of those named has been completed and a court is satisfied they will provide the children with a safe environment. In addition, you may select a guardian specifically for child care and another guardian specifically for management of the assets left for the child.

Trustee for Trust Assets named in the Trust

This person manages the assets that you place in a trust and handles all investing and disbursement decisions. Many people choose to remain the trustee of their trust, along with their spouse as co-trustee, and manage their assets for as long as they are able to do so. It is important to select successor trustees capable of managing trust assets and responsible to beneficiaries in the event the original trustees resign, become incapacitated, or pass away.

Agent through Power of Attorney

This person is authorized to do specific things on your behalf or to generally act on your behalf when you become incapacitated. You may give this person wide or narrow authority and you may define how incapacity is determined as well as the manner by which authorization commences. It is important to note that an Agent’s authority under a Power of Attorney lasts only until your death and all powers over assets and affairs terminate at that point.

Conservator appointed by Court

This person serves a role similar to an Agent under Power of Attorney, however the conservator assumes the role by way of a court order. When a person is incapacitated and has not planned for an agent under Power of Attorney, the courts will intervene and appoint a conservator as the guardian of an adult to manage the financial affairs and daily life of the incapacitated person.

Agent through Advance Health Care Directive

This person is authorized to make decisions with respect to your health care in the event that you are unable to do so. Unlike a Power of Attorney, the health care agent’s authority is limited strictly to the health and medical decisions you outline or specify. You may grant powers that range from consenting to types of treatment to authorizing autopsy and organ donations.

Your Attorney

Working with an attorney to build and implement an estate plan will often be the difference between taking control over the future and facing disruptions caused by errors and oversight. An attorney will ask the right question and uncover critical facts that need to be addressed in your plan. We encourage you to take the first step in establishing your estate plan and contact us for a complimentary call and consultation.

The First Step: A complimentary consultation.

Already have a plan? Learn when to review and update your plan.