Is Your Estate Plan Complete?

Almost two out of three Americans do not have an estate plan. However, even if you have a living trust and will, that doesn’t mean you’ve done all you can. Estate plans are documents that need to be updated and reviewed regularly. Assuming you update the estate plan from time to time, there may be other things you haven’t completed.

An estate plan relies on other people, such as beneficiaries and decision-makers. Not only do you need to consider what could happen to you but what could happen to these other people. You might have also overlooked other details of your estate plan. Noticing the small details is the best way to ensure your wishes are carried out.

Who Are Estate Plan Decision Makers?

Numerous people should be designated in an estate plan to ensure your preferences are carried out. These include the following:

• Guardian: For those with children, the guardian is the person who has the responsibility to care for them legally. This includes minor children and adult children who are not capable of caring for themselves.

• Personal Representative: This individual is appointed to administer the estate as it goes through the probate process if you pass away.

• Power of Attorney Agent: This is a person who has the legal authority to handle financial or medical affairs for you if you become unable to do these things on your own.

• Trustee: This individual is the one who manages the trust’s property and money.

Choosing the Right Decision Makers

Selecting decision makers shouldn’t be done on a whim. These people have a huge amount of control over your estate and should be trusted to act in the way you desire. If these people aren’t able (or no longer wish to) do the job, you need to have backups to fill these positions.

For instance, if a guardian passes away or is disabled, a replacement might be needed. The same applies if one of the decision makers says they no longer want to be in that position. Coming up with alternates early will keep you from scrambling later on when something happens.

Whether you want to create an estate plan or make modifications to an existing one, an estate planning attorney from Gandhi Selim Law can help. Make sure you add backups to your decision-makers in case something goes wrong. Alternatives ensure no part of the estate fails and is left to the courts.