Today, Josh and Amelie continue the series on Estate Planning! This week, they discuss key people! What roles do the various people play?
Takeaways:
- Guardians - “Who will care for your children if you die?”
- Executors (wills) and Trustees (trusts) - “Who will carry out your wishes when you’re dead?”
- Executors/trustees may be paid.
- Powers of Attorney/legal proxies - “Who will handle your life when you’re incapacitated (in a coma/traumatic brain injury etc.)?”
- There are medical and financial Powers of Attorney.
- Beneficiary – “Who is rooting for your death?” (who gets your assets when you die?)
- A very important question to think about with beneficiaries is how to divide the assets.
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