There are a few significant roles that should be included in your estate plan.
An estate plan requires you to name individuals for a variety of responsibilities. These responsibilities differ from one another, so you must consider the requirements of each role before you name someone in your estate plan. Your estate planning lawyer at The Millman Law Group can help you navigate this process and determine which individuals and roles should be included in your estate plan for maximum effectiveness.
Personal Representative
The personal representative of a will is the person responsible for following the directions outlined in that will and fulfilling the deceased’s wishes. In other states you will see the term “executor” used, but these roles are the same. This person may have to make court appearances or submit reports to the court. The personal representative role can be time-consuming and require attention to detail, but the individual can work with an attorney to navigate their duties appropriately. You will want to consider selecting an representative capable and willing to serve in this role without issue.
Trustee
If you are creating an estate plan and have minor or disabled children, you may choose to have a trust created by your will. This trust goes into effect when you die and appoints an individual to manage the assets that will be distributed to your children until they come of age. You can create a trust through your will or by a revocable living trust you can set up today.
Your trustee could be the same person chosen to be personal representative. However, the big difference between trustees and representatives is the length of time they serve their roles. A representative’s job may last for a few months, while a trustee may be responsible for managing assets for many years.
Durable Power of Attorney
The agent named in durable power of attorney is the person who will make financial decisions for you while you are alive. Durable power of attorney is created when you, the principal, designate an agent to act on your behalf. You can specify which powers are granted.
You should seek out someone you trust with your assets, as well as someone who has experience making financial decisions or managing assets similar to yours. Before selecting the agent responsible for durable power of attorney, you should consider the level of responsibility given to the agent and how those responsibilities rely on the agent’s knowledge and abilities.
Guardian of Minor Children
There are many practical considerations to think about when choosing a potential guardian for children. The existing relationship between the guardian and the children may be an important factor for you. Do you want your children to be cared for by someone they know? You may also consider the location of the guardian’s residence and how moving far away may affect the children. You can name a guardian directly in your will or execute a separate document, which can be easily modified if necessary.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.