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A vital part of a properly-executed estate plan is choosing the right individuals to carry out your wishes. We commonly receive questions from clients relating to the responsibilities of various fiduciary roles. Please see below for a summary of each role.
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A Trustee is the person you designate to facilitate your revocable living trust upon your passing. This role can be filled by either be an individual, such as a family member or friend, or a financial institution, like a bank or credit union.
An Executor/Personal Representative is the person you name to be responsible for carrying out the instructions in your Will.
An Agent for Disposition of Remains is responsible for making arrangements relating to the disposition of your remains upon your passing. For example, if you have not indicated whether you would prefer to be buried or cremated, your Agent will be responsible for making this decision.
A medical power of attorney is responsible for making medical decisions on your behalf in the event you are unable to make these decisions yourself.
A financial power of attorney is responsible for making financial decisions on your behalf in the event you are unable to do so.
A guardian is a person you designate to make financial or medical decisions for a long-term basis. A guardian for minor children is responsible for serving as the legal guardian of your minor child in the event you pass away before your children attain age 18. A guardian for yourself is responsible for serving as your legal guardian to make medical, residency, and financial decisions in the event you are suffering from a long-term incapacitation.