When estate planning, you will need to choose a person to act as your personal representative. For instance, you will need an executor to carry out the terms of your will. Many people also pick a power of attorney, which is a person who can make medical and financial decisions on their behalf.
Because selecting the right personal representative is so crucial, you must make the decision carefully. Here are a few things to consider when developing your estate plan.
Consider practical matters
Your representative must be a responsible, dedicated person who will take their role seriously. However, the person should also live relatively close to you to ensure they can act in a timely manner. Should the unthinkable happen, and your estate needs assistance right away, a person who lives nearby will be able to arrive quickly. The person should also have enough time to devoted to the task, especially when it comes to executing a will.
Focus on one agent
Some people choose multiple agents to avoid strife in their families. While this is acceptable, consider how well the people you select can work together during times of stress. In some cases, family members cannot come to an agreement, which ultimately harms you and your estate. Instead, consider picking one person and reviewing your estate plan every few years to ensure it still meets your needs.
Seek professional support
In the event you cannot find a suitable loved one to represent you, you can always secure a professional. You should also consider professional assistance if your estate is particularly complex, as there could be matters that are too difficult for family members to carry out correctly.
Once you have decided on a personal representative, sit down and have a long discussion with the person. Even if they are a good fit, they must still be fully willing and able to carry out their duties as expected.