Do you not currently have an estate plan, but want to take steps to get everything in order for after you pass away? If so, you'll need to select the right people to manage it for you when you are unable to. Here are some tips for selecting the right people for your estate planning.
Selecting An Executor
The executor of your estate is the person that will oversee the entire probate, which can be quite lengthy when dealing with the issue of dividing up an estate. The executor also locates the items that you have identified to pass onto others. They'll even go through the process of paying taxes that need to be paid and be part of any litigation towards the estate as they try to wrap things up.
When selecting the executor, you want a person that is willing to take on this responsibility after you pass away. Many people pick their child to do this, but it could also be a sibling, family member, or a close friend. This person should also be trustworthy, since he or she is the one that will essentially have the power to carry out your last wishes.
Selecting A Trustee
If you decide to use a trust, you'll need to assign somebody to be the trustee. The trustee is the person that administers the trust, and essentially has control over all assets in the trust. When the time comes, the trustee will be the one that distributes the items in the trust to those designated to receive it.
The trustee should be somebody that has a knowledge of how trusts work, which includes the legal and financial aspects. That is why some people choose a professional to be the trustee rather than a family member. Since the trustee also has control over all assets in the trust, you want somebody that doesn't have a conflict of interest in regard to the assets.
Selecting A Guardian
If you have underage children, you'll need to select a guardian. The guardian will have the responsibility of taking care of your children if something were to happen to you. In addition, he or she will also control all assets that your children are assigned to receive, but cannot have access to while they are minors.
It's important to not only select someone that you trust, but someone that has a parenting style that is similar to yours. This extends to their religious beliefs and geographic location, as this will minimize disruptions.Share