Everyone completing an estate plan must give consideration to the individuals (or entities) making decisions on your behalf in the event of your incapacity or death. If you are married, you would likely name your spouse as the first “agent.” However, you would still name someone to serve if you (or, if married, both you and your spouse cannot serve. These are the important roles to fill:
- Health Care Directive: Health care decisions in the event of your incapacity;
- Power of Attorney: Financial and legal decisions in the event of your incapacity;
- Guardianship: Care and custody of minor children in the event of death;
- Trustee: Management of trusts for named beneficiaries; and
- Personal Representative / Executor: Administration of expenses, transfer of assets in the event of death.