Whether you are a client of ours trying to decide who to name, a potential client interested in the process, or a family wanting to learn more before starting on estate planning, this is for you.

The ins-and-outs of estate planning comes with plenty of decisions to make, but they do not need to be overwhelming. Part of the process includes deciding who to name to take on certain responsibilities upon your incapacity or death, and there is more to think about than just picking someone trustworthy and reliable (although those are great traits to look for!). Consider the following when you're deciding who to name in your estate planning documents.

If you are creating a Revocable Living Trust, one of the first considerations to be made is who you would like to be your Successor Trustee. Your successor trustees are the individuals you name to manage your assets after you and your spouse both pass. Think of these people as administrators who collect the assets and distribute

them to your beneficiaries, and act impartially while doing so. This is an important role charged with making sure your loved ones are taken care of as you hoped. A good trustee is someone with sound judgment and can act impartially, especially if you have multiple kids or grandkids. Your trustee should also be organized and prudent, with a strength in decision making and clear communication. If one of your loved ones has financial management knowledge or experience in taxes or investing can be even more beneficial.

Whether or not you’d like to create a Trust, you will need a Last Will and Testament. In your will, you will need to appoint an Executor, who is charged with administering your will and handling probate, including distributing assets to beneficiaries if necessary. If you have a trust, your successor trustees and executors will probably be the same person. However, if naming separate executors, you will want to choose someone who is responsible, well-organized, and is able to meet deadlines and handle paperwork.

If you have minor children, you will also need to name a Guardian in your will, which is the individual in charge of taking care of your kids if both you and your spouse pass before they reach adulthood. This is an incredibly important decision, and a personal one at that. When naming a guardian, consider not only the people who are willing and able to take on the responsibility, but also those who can provide stability for your kids. This may be people who live close by or those with established relationships with your children. You may also want to consider those who share similar values and parenting philosophies with you and your spouse.

If you are executing a Medical Power of Attorney, you will be tasked with considering who to name as your Agent. Your agent is the individual in charge of making medical decisions for you if you can’t make them for yourself. You should select someone who understands your wishes and can advocate for you. It is important to pick someone who can communicate clearly and is comfortable speaking with medical professionals on your behalf. You may also want to consider an individual’s proximity to you, as it may be worthwhile to name someone local who would be able to act on short notice.

If you are executing a Financial Power of Attorney, you will be tasked with considering who to name as your Agent. Your agent is the person you name to take care of managing your finances, paying your bills, and handling other administrative tasks on your behalf only while you are incapacitated. An ideal agent is someone completely trustworthy, financially responsible, and organized. In order to act on your behalf, your agent should be able to communicate your interests effectively and also be familiar with the processes you use every day. As more transactions, bills, and forms are commonly online, you should pick someone who would be able to easily take on these tasks in an increasingly digital world.

Naming the right people is just as important as signing the right documents. Take time to think through each role, talk with the people you are considering, and review your choices periodically—especially after major life changes. No matter where you are at in the estate planning process, our estate planning team at Lardiere McNair and Stonebrook, Ltd. is willing and able to discuss and walk you through these decisions.

Peyton E. Crume, Esq. is an Associate Attorney at Lardiere McNair & Stonebrook, Ltd., LPA.

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