Importance of Key Decisionmakers in Your Estate Plan
Having key decisionmakers in your estate plan who are aligned and unified is essential for maintaining harmony, simplicity, and efficiency.
Guidelines for Choosing Decisionmakers:
- Trustworthiness: Select someone you completely trust.
- Capability: Choose someone capable of performing various roles, including making decisions about your medical care, finances, and the care of your children.
- Location: Preferably, choose someone who is in the United States. If you do not have options within the United States, selecting someone outside is acceptable but does add some practical considerations to be aware of.
Roles and Responsibilities:
These individuals will play a key role in your estate plan, covering various responsibilities such as:
- Trustee
- Executor/Personal Representative
- Guardian for Minor Children and for Self
- Medical Power of Attorney
- HIPAA Authorized Recipient
- Durable Power of Attorney
Read more about each role here.
Our Recommendation:
Your spouse and yourself will be each other’s primary decisionmakers. After this, we recommend allocating at least two and up to four backup decisionmakers in the estate plan. It is advisable to have the same individuals for each person involved in the estate plan. This approach:
- Avoids potential conflicts
- Ensures harmony throughout the plan
- Simplifies the process during chaotic or unfortunate life events