We’ve talked previously about what a “helper” is and why it’s so important to not only choose one, but choose a good one. Whether it’s as a trustee, executor, power of attorney or guardian, it’s very important that you choose someone who is up to the task.
Here are 3 myths about choosing a helper that you should avoid:
1. “I need to name my oldest child.”
While it is historically conventional to name your oldest child as a “helper” in estate planning, we challenge that convention when it’s not the best choice. If your oldest child is not your most responsible child, or if your oldest child has extenuating circumstances in their life (like a special needs child) that would prevent them from carrying out the duties of a helper, then it is perfectly acceptable to choose a child other than your firstborn.
2. “I should name all of my kids as co-executors.”
In an effort to be “fair,” many people think that naming their kids as co-executors is a good idea. David generally does not recommend this option. Read here to find out why.
3. “My kids will figure things out without me.”
This may seem like the easiest option, but it is generally the worst option for your children. The stress and aftermath of a parent’s death is easily one of the hardest times in life. By leaving all of the hard decisions to your kids, you’re heaping an unbelievable amount of extra stress and pressure on them. Good families are destroyed by bad estate planning. We see it everyday.
So what factors should you consider when choosing a helper? Read this article, Every Estate Plan Needs a Good Helper to find out. Also, check out “12 Duties of a Helper” to learn more about what exactly executors, trustees, guardians and powers of attorney do. And if you need help making this decision, that’s part of our unique approach to planning – we walk our clients through the process, helping them think of every detail. Give us a call today at 217-726-9200 or attend one of our upcoming workshops.