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GET HELP TODAY

Toll Free :
888-858-5404
Local :
850-391-2884

Brand
Experienced And Effective

We are a board-certified consumer bankruptcy attorney and a lawyer with over 30 years of experience in the areas of consumer rights and criminal defense. Together, we help people in Florida’s Panhandle keep their homes, find long term debt relief, fight criminal charges and develop estate plans that will benefit them and their loved ones.

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  4.  » What representatives will I choose for my estate?

What representatives will I choose for my estate?

| Feb 28, 2020 | Estate Planning And Probate |

When you create an estate plan, you do so with the knowledge that the execution of it will happen when you are no longer around or when you lack the mental capacity to carry out the plan yourself. Because of this, you will have to choose people who will represent you and ensure the adherence to the estate plan.

You will likely choose a few different representatives. According to Forbes, you will need an executor who will manage your estate and ensure the distribution of assets. You will also designate beneficiaries for different financial accounts. The beneficiaries are those who receive control of the account and the money in it upon your death. Finally, if you create trusts, then you will need a trustee who manages the trust.

The executor has quite a bit of power, especially during probate when he or she must maintain and oversee your assets. You want to be sure this person will keep the best interests of your heirs in mind.

Beneficiaries do not have as much power, but you still want to choose them carefully. They get full control of the account. If you wish for the money to go to a specific use, then you have to be sure the beneficiary agrees.

A trustee also has quite a bit of power, especially if you have a trust with conditions where the money or property will stay in the trust for some time even after your death. This person should be financially minded and able to make good decisions about investments and management of accounts.

When choosing your representatives, you need to make sure that they are people you trust and who will stay true to what you want.