3 Rules for Choosing the Right People to Carry Out Your Estate Plan

9:32 pm Estate Planning

estate planning image 284x250 150x150 3 Rules for Choosing the Right People to Carry Out Your Estate PlanDo you need help in choosing the right trustee, executor or agent for your financial power of attorney?

This can easily be the most important decision you make with your estate plan.  If your executor or agent fails to follow your plan, your plan fails.

There are a few key characteristics that good trustees, agents and executors should have:

First, they must be trustworthy.  This sounds obvious, but if you have any doubts about someone’s character, do not name them.

Second, they must have some basic financial knowledge.  They need to know the difference between a bond and a mutual fund.  They also need to have the ability to spot a scam and avoid being ripped off (with your money!).

Finally, they must be financially sound.  Do not name someone, even an adult child, if they are living paycheck to paycheck.  The temptation for someone like that may too great to “loan” themselves some of your money the next time they get in a bind.

Identifying the individuals who will carry out your wishes in the case of your death or incapacitation is an important part of estate planning.  A qualified estate planning attorney can help you make the right decision when it comes to choosing an executor or a trustee.

To ensure your estate plan is carried out the way you intend, contact our Newport Beach law firm.

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