Every estate plan needs a good helper(s). Choosing those helpers can be tough. Your trustee, guardian, power of attorney, or executor will be responsible for making decisions when you become disabled (like from a stroke or dementia) or pass away. But what exactly are they responsible for?
Your helper(s) will take on many financial, legal and managerial responsibilities on your behalf.
Here are 12 specific duties of a helper:
- Sell assets like cars, houses, or property
- Make tax decisions and file tax returns
- Pay bills
- File claim forms on IRAs, annuities, and life insurance
- Follow the instructions of your Trust
- Make decisions about your care (at home, assisted living, or nursing home)
- Manage investments
- Meet with attorneys and accountants
- Sign legal documents
- Negotiate sales of any property
- Referee disputes between other family memebers
- Tell beneficiaries “no” when they ask for money
It is especially important to choose a helper that you trust to manage your finances, as this will become a majority of their responsibility. A great way to decide if you have chosen the best helper is to look at how they currently manage their own life. How does it make you feel to envision your helper stepping in and managing your life right now? If it makes you nervous, perhaps it is best to reconsider whom you have chosen.
We are here to help you through the difficult decision-making process of choosing a trustee, executor, power of attorney or guardian. We guide people through this process all the time helping them know what they should consider when making this very important decision.
We have been through this with many families before, whereas the average family has only been involved in this process once, maybe twice. Let our experience guide you to peace of mind when it comes to choosing the right helper for your estate plan.
Learn more by reading “7 Types of Helpers to Watch Out For” here. Or check out “3 Myths About Choosing a Helper for Your Plan” to find out some common misconceptions about who you should choose.