Do You Know Your Estate Planning Cast of Characters?
Estate planning is much more than simply drafting a will and putting it in a drawer until you die. If you are a parent, you want to make sure you are putting your children in the best possible position for decades to come. Even if you are not a parent, you want to make sure that you are leaving your impact on the world.
Regardless of your family situation, a lack of adequate estate planning can have major consequences in your life and the lives of those you love. Making no decisions at all can leave your care and assets in the hands of strangers through public court proceedings. On the other hand, a comprehensive estate plan can provide you with control while protecting your family’s inheritance and your legacy.
One of the most crucial components to comprehensive estate planning is the process of selecting fiduciaries. Trustees, trust protectors, personal administrators/executors, health care and financial agents, and guardians for minors are just a handful of the fiduciaries you will need to name. These fiduciaries step in as substitute decision when you are no longer able to make decisions, either because you have become incapacitated or because you have passed away.
Think of these people as your estate planning cast of characters — the people who will play various important roles in carrying out the terms of your plan. But who will you appoint, and what is it exactly that each of these individuals do? That is exactly what we will be discussing over the next few weeks.
Working with us to select your fiduciaries eases the burden of figuring it all out on your own. Making these choices may seem daunting, but it can save money in the long-term by keeping your assets away from court control. And best of all, we help you coordinate how fiduciary selection fits in with your big-picture goals.
Do not let the complexity of estate planning overwhelm you. That is what we are here to help with. The best time to start on your estate plan is today. Give us a call at 301.892.2713 and find out how easy it is to continue the process with us.