Estate planning is essential, even if you’re single. It’s all about laying out your wishes for handling your money, property, and medical decisions. You need to the trusted individuals who will carry out these wishes. For some, picking trusted decision-makers is a breeze; for others, it’s a bit more challenging. Maybe family isn’t an option, or they’re not around. But don’t worry, we’ve got options. You can hire someone if you don’t have a family member or friend to fill these critical roles.
Financial Decision Makers
Personal Representative
This is the person you appoint in your last will and testament. If you have to go through probate court, they’re responsible for collecting your accounts and property, paying off debts, and distributing your assets to your heirs or trustee. It’s a big job and can be time-consuming.
Successor Trustee of a Revocable Living Trust
This person or entity takes over after you. They manage, invest, and distribute the money and property from your trust to you during your lifetime and to your chosen beneficiaries after your death. If you do not have to go through probate court, then they are also responsible for collecting your accounts and property, paying off debts, and distributing your assets to your heirs or trustees.
Agent under a Financial Power of Attorney
This agent handles financial transactions on your behalf, like signing checks or opening bank accounts. The specifics of their authority and when they can act are detailed in the financial power of attorney.
Now, let’s talk about hiring someone if family or friends aren’t an option:
Bank or Financial Institution: Check if your bank has a trust department. They already manage your accounts, so they might be a good fit.
Private Trust Company: These companies specialize in managing money for individuals. They handle the administrative tasks involved.
Certified Public Accountant or Financial Advisor or Attorney: They might be willing to acton your behalf or know someone who can.
When interviewing potential candidates, ask these questions:
- How do you charge? Know the costs to ensure there’s money left for your beneficiaries.
- Do you keep records of transactions? Who has access? Transparency is key. You want to know the right people will get the info they need.
- How long does it take to administer an estate of my size? Time is money. Ensure they’ll wind up your affairs quickly without cutting corners.
- How often do you communicate with beneficiaries and family? Open communication avoids conflicts.
- Any special language or paperwork needed? Your estate planning attorney needs to prepare proper documents.
- Best experience administering an estate or trust? This gives insight into their values and methods.
- Worst experience administering an estate or trust? Learn from others’ mistakes for smoother management.
Personal Care Decision Makers
These roles are crucial. You’re asking someone to look after your safety, welfare, and even your beloved pet.
Agent under a Medical Power of Attorney
This person makes your medical decisions if you can’t. Make sure you have an advanced directive or living will and consider a letter of instruction explaining your wishes in detail. If no family member fits the bill, consider a close friend or trusted professional, though state law may have restrictions.
Caretaker for Your Pet
Choose someone to care for your pet if you can’t. If no family or friends are suitable, organizations can help find a forever home for your pet.
When interviewing candidates for personal care roles, ask these questions:
- Do you charge for your services? Know the costs upfront.
- When and how should you be contacted? Ensure there’s an easy way for someone else to reach them in an emergency.
- Any additional information or paperwork needed? Make sure they have all the necessary info before an emergency arises.
Don’t let uncertainty about whom to appoint derail your estate planning. We can help you discuss your options and ensure you have trusted decision-makers in place. Call us today to protect yourself and those you care about.
