Many people recognize the possibilities associated with appointing a trustee, power of attorney agent or an executor in your estate plan. You may want to appoint your agents by profession or age instead of considering who is best to serve, or you might think it’s a good idea to appoint all of your children together.
Bear in mind that there can be a number of logistical issues associated with taking this approach. The ideal candidate to serve in any of these roles should live in close proximity to you and should have enough time and interest and ability to handle the issues that you may need. That person may not be your child because they may not have free time to help or may be unable or unwilling to serve in this role. Appointing co-agents to all of your children is also not advisable because this can add administrative headaches and time to transfer your assets.
Differing opinions or different time investments can also influence potential conflict in this way, and it is recommended that you instead consult with an experienced and qualified estate planning lawyer about the best way to handle this situation.
You may be able to work with your estate planning attorney to select the most appropriate people to serve in these individual roles, increasing your chances of success and also giving you peace of mind about the management of these issues if they do arise. For example, selecting a child to serve as a power of attorney agent should lead you to think carefully about which of your children would be comfortable serving in this role. Set aside time to meet with your experienced estate planning lawyer in Pasadena today to learn more.
