Picking One Executor
When you are planning for end of life, you may be worried about how to manage things. With the help of an estate planning attorney, you can make decisions such as picking one executor only.
Picking One Executor | Factors to Consider
When it comes time to assign a power of attorney, healthcare proxy, children’s guardian, executor, and trustee, most people can think of just a handful of names. Many are tempted to assign all these powers and roles to one person. This is not, generally, a good idea. The different roles call for different skill sets, temperaments, levels of commitment, and forms of trust.
The executor, for example, has to make decisions in the difficult weeks immediately following your death; that person must be capable of operating under emotional stress and acting quickly and decisively. The trustee, however, has the longer-term obligation, managing your estate until the beneficiaries come of age. You will want someone comfortable with such a commitment and qualified with knowledge and experience in financial affairs.
Picking One Executor | The Right Person
A good trustee might not make a good guardian for your children. Here more than for any other role you need to pick someone who understands and accepts the commitment to care for your children after you’ve passed. This might be a godparent, or it might be your own parents – but think twice before you ask. Grandparents do not often want the responsibility of raising another child or group of children so late in life; retired, they will not have financially planned for this and it may be an untenable burden on them; and they may not be at all suited to “trying again” at raising a child in a culture so different from the one they knew when they raised you.
Picking One Executor | Trust
Finally, your power of attorney should be someone you trust completely, and someone with a broad understanding both of your affairs and of legal affairs generally. In contrast your healthcare proxy should understand your stated wishes as well as your philosophical and religious convictions.
Buffalo estate planning attorney Randy Gugino can help ease your worries and guide you through this legal process. Call today for a free consultation.