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Consideration should be given to who will be named in estate plan

When most people hear the term "estate plan" the first thing that likely comes to mind is how assets will be distributed upon death. While this is certainly a component of the process, it is not the only important thing that needs to be determined. Thought should also go into who will be named as the following:

  • Medical agent.
  • Power of attorney.
  • Trustee.
  • Executor.

Fortunately more than one person can be named to the various roles. While each of the individuals named to these roles handle different things, they should all share the traits of being trustworthy and honest. Other factors that might be considered are the age of the individual as well as their general availability.

Fortunately more than one person can be named to the various roles. While each of the individuals named to these roles handle different things, they should all share the traits of being trustworthy and honest. Other factors that might be considered are the age of the individual as well as their general availability.

When it comes to determining who will be named as the medical agent, while not necessary, knowledge of medical matters may be beneficial. Those who are savvy financially may be a good choice for power of attorney. When it comes to naming a trustee, multiple people or entities could be named to work either alone or in the case of multiple trustees, together.

While knowledge of the specific area may be helpful it is certainly not a prerequisite to any of the roles. This is because those named have the option of seeking assistance from professionals.

For many individual creating an estate plan is a stressful and overwhelming task. This is one of multiple reasons why those seeking to complete an estate plan could benefit from working with a lawyer who has an in depth understanding of what the process entails.

Source: The Boston Globe, "Choosing the right people for your estate plan," Nedra Rhone, Aug. 7, 2014

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