November is a season for family, gratitude, and reflection. It is also a good time to confirm that the people named in your estate plan are still prepared to protect your interests and carry out your wishes.
Choosing the Right People
An estate plan does more than identify who receives your property. It also names the people who may manage your finances, trust, estate, and health care decisions. Those choices deserve careful thought.
A successor trustee manages trust assets when the circumstances specified in the trust occur, often upon the incapacity or death of the person who created it. An executor named in a will, once appointed by the court, administers assets that pass through probate. An agent under a Durable Power of Attorney handles authorized financial matters during your lifetime. A health care agent may make medical decisions under your Advance Health Care Directive.
Although these roles differ, the people you appoint should be trustworthy, organized, dependable, and capable of sound judgment. They should communicate well, keep accurate records, follow instructions, and remain levelheaded when disagreements arise.
Availability also matters. Serving as trustee or executor can require substantial time and attention. Consider each person’s age, health, schedule, location, financial experience, and family relationships. Speak with the person beforehand and confirm a willingness to serve.
You need not appoint the same person to every role. A financially experienced sibling may be well suited to serve as trustee or financial agent, while someone who understands your medical wishes may be the better health care agent. Choose the best person for each responsibility.
Name one or more alternates and review your choices periodically. Relationships, health, and circumstances change.
As families gather and give thanks, a carefully prepared estate plan offers peace of mind that trusted people are ready to protect you, your family, and your legacy.
Nicolai Law Firm can help you evaluate these appointments and prepare or update an estate plan that clearly identifies who should act for you when needed.
Essential Ingredients of a Traditional Estate Plan
Revocable Living Trust: Helps avoid probate, preserve privacy, and efficiently transfer assets.
Pour-Over Will(s): Directs remaining assets into your trust.
Durable Power(s) of Attorney: Authorizes someone to manage financial matters if you cannot act.
Advance Health Care Directive(s): Provides medical instructions and appoints a trusted health care decision-maker.
Quitclaim or Grant Deed: Transfers real property into your trust to help avoid probate and ensure proper management.
A traditional estate plan often includes these components, with a deed when real property must be transferred. Nicolai Law Firm prepares comprehensive estate-planning packages tailored to each client. For assistance creating, reviewing, or updating your plan, contact us at 310.714.7034 or info@nicolailawfirm.com.
Any content, resident submissions, guest columns, advertisements, and advertorials are not necessarily endorsed by or represent the views of Best Version Media LLC (BVM) or any municipality, homeowners associations, businesses, or organizations that this publication serves. BVM is not responsible for the reliability, suitability, or timeliness of any content submitted, inclusive of materials generated or composed through artificial intelligence (AI). All content submitted is done so at the sole discretion of the submitting party.
