Who is on first? What’s on second? Who all needs to be involved in writing an estate plan? Partnering with a highly qualified attorney is paramount when crafting a plan that disposes of your assets, plans for your medical care and strategizes for the care of children and grandchildren. Beyond your attorney, it is your choice on who to involve. Here are some people to consider inviting to participate in the process.
- Your executor(s) or successor trustee(s). These people are the ones who will be charged with carrying out your wishes. Inviting them to your document signing meeting is a great way for them to hear, from your attorney, how your estate plan works and learn more about the part they will play.
- Medical Power of Attorney. Once you have selected your medical agent(s), it is of utmost importance that they understand how to make medical decisions. Sharing information with them about your healthcare wishes and medical history will empower them to confidently make decisions on your behalf.
- Durable Power of Attorney. A Durable (financial) agent needs to know a bit more about your financial interests than the average family member or friend. Allowing this person “inside” your financial decision-making matrix permits them to carry on your financial legacy in the best interest of you and your beneficiaries.
- Beneficiaries. Only you will know the best way to approach your beneficiaries. I do suggest that at some high-level your adult beneficiaries understand your wishes. This will save heartache and potential disappointment down the road.
Don’t settle for a canned plan. By working with Crain & Wooley, you will receive a customized plan designed to meet your specific goals – including facilitating conversations with those named in your plan.