The success of any estate plan depends GREATLY on the people you choose to carry out your wishes after you are gone, or if you become incapacitated. There are four important functions for which you would name someone to handle your affairs in case you cannot (listed below). To ensure that their estate is in the hands of experts, individuals and families with significant wealth usually designate a corporate entity, such as LNW, to perform some of these functions in addition to — or instead of — an individual they know and trust.
WHO WILL HELP YOU?
Choose Carefully
- Personal Representative/Executor – named in your will to administer your estate
- Power of Attorney & Healthcare Power of Attorney – to make specific financial and/or healthcare decisions on your behalf if you become incapacitated
- Guardian – to be responsible for children under 18 years old or dependent adults should you not be able to
- Trustee – to administer and manage a trust(s) you establish
All the above are types of “fiduciaries” people or entities you choose to take care of you, your children, and/or your assets when you are not able.
Fiduciaries are required by law to put the interests of the people they serve first. A fiduciary can be an individual or an institution – or both working together.
To be effective and able to carry out your wishes consistently for years to come, a fiduciary should have four key attributes:
- Time
- Patience
- Interest
- Knowledge
Why not both? You can name an individual you know and trust (family member, friend, business associate) as “co-trustee” to advise the corporate or professional trustee overseeing your estate. This can be an effective way to have your intent carried out.
