Three People Who Should Be Named in Your First Will

As you begin the estate planning process for the first time, one of your initial steps should be to think about who can assume each of three responsibilities identified in your will. Although every situation is unique, most adults with minor children will need to designate trusted individuals to serve in the roles of executor, guardian, and trustee.

The executor is the person who handles the details of your estate - keeping track of paperwork, overseeing property, opening a bank account, and potentially appearing in court. Once approved by a court, he/she will be given the authority to act on behalf of the decedent.

The guardian is given legal responsibility for your minor children. This should be a person whom you trust to care for your children and raise them in the way you would want them to be raised.

The trustee administers any funds left to your children on their behalf. Although the funds belong to the children, they are controlled by the trustee and used for their benefit (such as clothing, education, or a down payment). A trustee can be corporate or individual. An individual trustee will know you and your situation but may be inexperienced in handling this type of responsibility. A corporate trustee (such as a bank) is experienced and stable, but may be more expensive and less flexible.

Whether or not a name immediately comes to mind for each of these roles, it is essential for you to discuss the choices with your spouse or family members; make sure the individual accepts the responsibility; and identify at least one alternate for each role.

For assistance with your estate planning, contact our office today.