Know the
Legal Advice: Ask The Expert
Players In Your Plan by Jennifer Balmos, Owner of Balmos Law, PLLC
W
hen developing an estate plan, it is imperative to assemble a good team to step in during a crisis and after death. Agent A comprehensive plan will involve naming two agents – one to make medical decisions if you cannot speak for yourself, and another to make financial decisions on your behalf. The agent under your Medical Power of Attorney may very well be the same person that you name as the agent under your Durable (financial) Power of Attorney. Because the
agent handling finances may need to pay for care that the agent under the medical POA approves, it is critical that both parties can work together. You can also name an agent to manage your remains after your passing.
Guardian
Executor The executor is responsible for hiring an attorney to probate the will, as well as paying any debts and distributing property to your beneficiaries according to the wishes memorialized in your will. If your will contains a provision indicating that you intend for an independent administration, the executor’s job will be
Trustee
Without a plan in place, the individuals who fill these roles will be determined by statute.
fairly straightforward.
You may name a guardian for your minor children if you pass away or become
incapacitated. This person will step in as a surrogate parent and must be approved by the Probate Court.
A trustee manages assets, making
distributions for beneficiaries as directed by the terms of the trust. In the case of minor children, a guardian commonly
works with a trustee for distributions to cover expenses like tuition, medical care, or a car.
Without a plan in place, the individuals
who fill these roles will be determined by
statute. The only surefire method to make sure you have the right people in place is to plan before a crisis strikes.
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