Important Roles within Your Estate Plan

Creating an estate plan is important for you and your loved ones. It is just as important to choose the right people to carry out your wishes if you become unable to make decisions for yourself or after you pass away.

These people are often called your estate planning helpers. Depending on your plan, they may include a trustee, guardian, executor, agent under a power of attorney, or healthcare proxy.

Who Are Your Estate Planning Helpers?

Estate planning helpers are trusted people you choose to manage certain responsibilities on your behalf. Their roles can vary depending on your needs and the documents in your estate plan.

For example, an executor may handle your estate after your death. A trustee may manage assets held in a trust. A guardian may care for a minor child. An agent under a power of attorney may manage financial or legal matters if you cannot do so yourself.

How to Review Your Estate Planning Helpers

Choosing the people who will handle your affairs is an important decision. Your circumstances can also change over time. Someone who was the right choice when you created your estate plan may no longer be the best choice today.

Use these three steps to review your estate planning helpers.

1. Consider Whether You Still Need the Helper

First, think about whether you still need each person named in your estate plan.

For example, you may have created your estate plan when your children were minors. If they are now adults, you may no longer need a guardian. The applicable age and requirements can depend on the law and your individual circumstances.

You should also consider changes in your life. For example, if you now have a pet that was not part of your original estate plan, you may want to name a pet caretaker.

2. Ask Whether You Would Choose This Person Today

Next, ask yourself whether you would choose this person if you were creating your estate plan today.

Is this person still the right choice? Do they have the skills and personality needed for the role?

Think about what you would ask this person to do. Consider whether they have the judgment, temperament, and ability to handle those responsibilities the way you would want.

3. Discuss Any Updates With Your Attorney

Finally, speak with your estate planning attorney about any changes you may need to make.

You may need to update more than just the people named in your plan. Other parts of your estate plan may also need to change as your circumstances change.

Reviewing your estate planning helpers is a good place to start. It can help you identify other parts of your plan that may need attention.

When Should You Review Your Estate Planning Helpers?

You may want to review your estate planning helpers when your family, finances, or circumstances change.

This can include major life events such as:

• Marriage or divorce
• The birth or adoption of a child
• A child reaching adulthood
• The death of someone named in your estate plan
• A significant change in your finances
• A change in your relationship with someone named in your plan

Even if nothing major has changed, it can still be helpful to review your estate plan from time to time. This gives you an opportunity to make sure the people you have chosen are still the right fit for their roles.

Review Your Estate Plan

Life changes, and your estate plan may need to change with it. If you are unsure whether your estate planning helpers are still the right choices, we can help. Contact us today to review your plan and make sure it continues to reflect your wishes and your family’s needs.