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Roles of trust you need to allocate in an estate plan

On Behalf of | Dec 9, 2022 | Estate Planning |

Implementing your estate plan requires the help of several people. Or perhaps one person who can take on various roles.

Here are those roles and the qualities you should look for when seeking people to fill them for you:

A health care power of attorney

You need someone to help doctors understand your health care wishes if you reach a point where you can no longer make them clear yourself. For instance, if you end up in a coma after a car crash or if Alzheimer’s affects you to the point where a court would consider you are not competent to make your own choices.

Family members can get very emotional when faced with these often difficult decisions, such as when to switch off life support or whether to try and resuscitate after you stop breathing. Make clear who has the power to represent you to prevent your family from arguing over their preferences.

A financial power of attorney

They can do things like authorize payments, or sign documents when you become unable. Typically you would set it up so they only get that authority if and when your poor health makes it necessary. They’d lose the power once you are well enough to do those tasks for yourself.

An estate executor

Their role begins the moment you die. Their main task is to distribute your estate per the wishes you set out in your estate plan. But they also need to do things such as inform creditors and perhaps take charge of funeral arrangements.

Once you find the right people to do these jobs for you, seek legal help to document your choices as part of your estate plan.

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