When building your estate plan, other people often play a large role. After all, you are making this plan for others, so they can benefit from your assets and finances after your death.
But who are the most important and active figures in your estate plan? Beneficiaries are mostly passive, but that does not mean there are only passive roles.
Active figures in your end of life
According to Forbes, an estate plan is crucial no matter where you are in life. After all, the loved ones in your life depend on your estate plan to tell them what to do with your assets and body after your death. It also directs people with regard to your end of life stages and how you want those to go.
In fact, many of the active figures in your estate plan have direct involvement with your end of life stages. For example, one such figure is the healthcare proxy. This person steps in and makes medical choices for you if you end up incapacitated for any reason. They can choose everything from the healthcare facility you go to, to the treatment you get. They can even decide when to stop treatments or medications.
Getting your legal matters handled
Another active figure is your power of attorney. This individual handles legal and financial matters in your stead. They can sign almost anything that need your signature on your behalf in the event of incapacitation. This can include anything from medical directives to important legal documents.
Needless to say, these figures should always have your full attention when reviewing your estate plan. They have a lot of power, so you want to entrust it to people who love you and have your best interest at heart. You want to trust them too, especially trusting them to make the decisions you would in a given situation.
