In this hour, Elder Law and special needs attorney Jim Koewler talks with Suzanne Newman about how to appoint people to represent you in situations where you’re unable to act for yourself – a who’s who of people who should be involved in your estate plan. We’ve been talking about powers of attorney and living wills. This segment focuses on after you pass away.
You can choose between a will-based estate plan or a trust-based estate plan. Even if you do a trust, make a will, which will catch anything forgotten in the trust. In the will, you name an executor, who is in charge of handling the will (or lack of a will) in probate court. The executor would be the most business-focused person we talk about in this hour. The job of the will is to handle your affairs and close up shop, and your stuff goes where you want it to go, strictly a business transaction. But the executor has to take it through the probate court process.
Will
- Executor: Spouse first
- Backup Executor (if spouse not able): Person who gets stuff done, meets deadlines, and doesn’t buckle under pressure from other heirs
You can listen to the podcast or watch on YouTube. Learn more at protectingseniors.com.
