Estate planning can be an uncomfortable process for many people. They have to think about what might happen after they die or if they experience a major medical emergency. Quite a few people take some of the sting out of the process by focusing on the positive.
They think about how their beneficiaries might enjoy using their inheritance and try to prioritize leaving meaningful and valuable resources for the people they love. While that approach can be useful, testators also have to make some very difficult decisions.
Specifically, they have to choose who to nominate to hold important positions of trust in their estate planning documents. Many testators have to fill at least two, if not all three, of the roles outlined below when they establish an estate plan.
1. A personal representative or executor
The most important role during estate administration is that of the executor or personal representative. The person selected for that position oversees the entirety of the probate process.
They have to attend probate court hearings and manage estate administration. Representatives have to be trustworthy and diligent. They also need to have the time and capability to navigate probate court and manage estate resources.
2. A guardian for minor children
For many people, concerns about becoming a parent are what motivate them to draft an estate plan. They want to ensure their children’s safety and comfort should anything happen to them while their children are young. A guardian fills the same role that a parent does.
They have a responsibility to the children and can offer them support in addition to meeting their practical needs. Selecting the right person to act as a guardian is an important step for a parent who wants to protect their children from foster care or placement with a random family member who may live far away or have a strained relationship with them.
3. An agent or attorney-in-fact
Estate plans typically address more than just what happens when someone dies. They also include documents that protect the testator when their health declines.
If they have a stroke or end up in a coma after a car crash, powers of attorney can protect them. They need to choose someone competent and trustworthy to act as their agent or attorney-in-fact for financial and/or medical matters. Some people separate the authority by naming two different people to help them in an emergency scenario.
Choosing the right people to hold positions of authority is an important element of successful estate planning. Testators typically need help drafting appropriate documents and reviewing their choices so that they have support when they need it the most.