Planning for the future and all of the what-ifs that the future may hold is one of the overarching goals of creating an estate plan. Your estate plan often consists of powers of attorney, wills, trusts, and transfer on death designations. One of the key aspects of this process is deciding who will serve as your trustee, personal representative, financial power of attorney agent, and health care power of attorney agent. Your choice can have a profound impact on your well-being and your loved ones future. Here’s how to choose the right person for each role:
Health Care Power of Attorney Agent Selection
Your health care power of attorney agent will make medical decisions for you in the event that you are incapacitated and cannot do so yourself. It is important to choose someone who is trustworthy and empathetic. You want someone who knows you well — someone who can step into your shoes. Look for a person who has strong communication skills, who understands and will follow your personal values (even if they do not agree with them), and a person who can remain calm under pressure. Health care agents may receive outside influence and potential criticism from family members, so you want to be sure to choose someone who will advocate for your wishes calmly and clearly despite outside influence.
Financial Power of Attorney Agent Selection
The person you choose as your financial power of attorney agent will handle your financial affairs while you are still living but may be unable to do so yourself. This could include managing your investments, paying your bills, selling your real estate, etc. This role demands a high degree of responsibility and organization. Choose someone who is financially competent; someone who has exercised financial responsibility in their own personal life or handles financial transactions in their professional career. Most importantly, this person should understand your specific financial situation and goals. You can help ensure your financial agent acts in your best interest by providing them with information as to your expenses, investments, accounts, etc.
Trustee and Personal Representative Selection
Your trustee and/or personal representative is responsible for administering assets to you and your beneficiaries. When it comes to a trust, especially one involving minor beneficiaries, your trustee is responsible for carrying out your intentions. You should choose someone that you know will follow your same philosophy, has the same values and has a clear sense of your goals. Your trustee will likely need to communicate with banks, real estate agents, accountants, and attorneys, so you should choose someone who has good communication skills and maintains organized records, if possible. When it comes to a will, your personal representative will be responsible for opening up a probate. You should choose someone who is responsible, organized, and capable of handling deadlines. Both trustees and personal representatives often need to balance the interests of multiple beneficiaries, thus it is important to choose someone who can remain fair and unbiased.
Schedule a consultation with Wynn at Law, LLC today to discuss the estate planning process
Choosing who you would like to serve as your trustee, personal representative, and/or agent of your estate plan is only one aspect of the estate planning process. For assistance with ensuring that you have a comprehensive estate plan in place, contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.
