How To Choose People For Your Estate Plan Team

Every person needs at least three estate planning documents: a power of attorney for health care, one for finances and a will.

(Photo credit: Wikipedia)
(Photo credit: Wikipedia)

But how do you choose the people you will name in your estate planning documents?

A story in the Atlanta Journal Constitution says you must spend time thinking honestly about your family structure, your family dynamics and your assets.

That’s because the most important traits that a person must have to be a good executor, trustee, power of attorney holder or health care agent are honesty and trustworthiness. And they must care about your family.

Tips on naming people to serve in these posts:

  • You don’t have to name just one person. You can appoint co-trustees, for example. Or have a person named as a trustee along with a bank as co-trustee.
  • Financial or health knowledge is helpful, but not a must. If the person is honest and intelligent, he or she can seek advice from people with specialized knowledge when necessary.
  • Consider the person’s availability and age. These jobs can be time-consuming. If the person doesn’t have the time, he or she won’t be the best person for the job. Also, if the person is elderly, you may have to name someone else in time, so an elderly person may force you to update these documents again.
  • Talk with people before naming them. Make sure they are amenable to the tasks.

If you have questions about estate planning, feel free to contact us for a consultation by calling (626) 696-3145.

Request A Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.