While it might feel like estate planning is a solo endeavor, the reality is that it takes help to fully realize one’s wishes. Selecting the right people to help is a crucial aspect of creating a comprehensive estate plan. This means that it is necessary to give considerable thought to naming an executor and powers of attorney.
Selecting an executor
In Texas, an executor is the person tasked with managing an estate and distributing its assets. It is not necessary for an executor to be a legal or financial professional, but it is important to select someone who is trustworthy. This could be a child, relative or close friend. It is also important to make sure that this person is up to the task, as executors typically have to deal with assets like:
- Other valuable items
A thorough estate plan typically includes two powers of attorney as well — one for finances and one for medical decisions. As with choosing an executor, selecting someone who is trustworthy is a priority. An individual with a financial power of attorney will step in to handle finances should one become incapacitated, whereas someone with a health care power of attorney will be tasked with making medical decisions.
Creating an estate plan is an excellent way to ensure that one’s wishes are upheld both before and after death. Since this often involves relying on others to help carry out those wishes, Texas residents should be certain that they give careful thought and consideration to assigning these roles. Some people also find it helpful to talk through their decisions with an experienced attorney.