Hi, I’m Peter Antonoplos, founder Antonoplos & Associates. When you’re planning your estate, it’s crucial to understand the roles of the various fiduciaries involved. These individuals are responsible for carrying out your wishes when you can no longer manage things yourself. Today, I’m going to walk you through the key fiduciary roles in your estate plan and give you some tips on how to select the right people for each.

First, we have the Executor of your will. The executor is the person responsible for administering your estate after you pass away. This includes gathering assets, paying any debts or taxes, and distributing your assets according to the terms of your will.

When choosing an executor, it’s important to pick someone who is trustworthy, organized, and detail-oriented. This person will have a lot of responsibility and will likely need to work closely with attorneys, accountants, and courts. We recommend selecting a first choice—someone who can handle this role—and a second choice in case your first choice is unavailable.

Next, let’s talk about the Guardian for minor children. If you have young children, you’ll want to select a guardian who will care for them if something were to happen to you. The guardian will be responsible for their physical, emotional, and financial well-being.

Selecting a guardian is one of the most important decisions you’ll make. You should choose someone who shares your values, has a stable life, and is willing to take on the responsibility of raising your children. Again, pick a first choice and a second choice, because life circumstances can change unexpectedly.

Now, let’s look at the Trustee of your revocable living trust. This person manages the assets in your trust, ensuring they are used according to your wishes. The trustee may distribute assets to your beneficiaries during your lifetime and after your death.

Choosing a trustee requires someone who is financially responsible and can manage assets wisely. This person will be handling financial decisions, so it’s important to choose someone who is trustworthy and competent in financial matters. As with the other fiduciary roles, selecting a second choice is a good idea to ensure the trust is properly managed if your first choice is unable to serve.

The Healthcare Power of Attorney is the person you appoint to make medical decisions for you if you’re unable to make them yourself. This is an essential role for when you’re incapacitated, and your agent will work with your doctors to make decisions about your treatment, care, and end-of-life wishes.

When selecting someone for this role, choose someone you trust deeply and who understands your healthcare preferences. It’s important they are able to make tough decisions on your behalf. As always, make sure to select a first choice and a second choice in case your first choice is unavailable when needed.

Finally, the Durable General Power of Attorney grants someone the authority to manage your financial affairs if you’re incapacitated. This person will handle things like paying bills, managing investments, and filing taxes on your behalf.

When selecting someone for this role, it’s important to choose someone reliable, organized, and capable of making sound financial decisions. Ideally, this person should be someone who is already familiar with your financial situation. Again, having a first choice and second choice is a smart strategy to ensure there’s no delay in managing your affairs.

Selecting the right fiduciaries for your estate plan is essential to ensure your wishes are carried out as you intend. Take your time to think carefully about each of these roles and discuss them with the people you’re considering. And remember, always select a second choice to be prepared for the unexpected.

If you have any questions about these fiduciary roles or need help with your estate planning, we’re here to help. Reach out to Antonoplos & Associates today to get started on protecting your legacy and securing your family’s future.