Considerations When Choosing an Executor or Health Care Proxy in Estate Planning

Ensuring your final wishes are honored when you pass away begins with effective estate planning. Your plan needs to look at many different aspects of your life, assets, and liabilities. If you own a business, you need a succession plan. While figuring out who gets what and how to reduce or limit tax liabilities, you also need to consider who will finalize your estate. Also, other vital roles need filling. Remember, effective estate planning in Mississippi covers many different aspects. Choosing a quality company to assist you is the first step to take.

What to Consider When Choosing Individuals for Crucial Estate Roles

As you pull together the vital documents needed to plan your estate, you also need to create a list of those you trust to fulfill your wishes. This is crucial to your estate’s success and ensuring your family gets what you want them to have. Here are some guiding factors to consider when deciding who will manage things when you become incapacitated or die:

  1. Executor of your will. This individual will fulfill your will’s terms, including settling the estate. They will collect your assets, pay bills, submit tax returns, and handle any court proceedings. Look for someone that is financially savvy and patient. You may even choose two competent people to work together as co-executors. Another option is to appoint a lawyer, accountant, or bank as your executor.
  2. Children’s guardian. Nothing may be as important in your estate planning as ensuring your minor children are cared for. Name someone you trust implicitly to watch over them and conduct their financial affairs responsibly until they reach the age of majority. A parent may be the obvious choice, but having a backup is wise. Talk with an estate planning professional about additional life insurance for your children.
  3. Health care proxy. If you become incapacitated, you will need someone to make decisions on your behalf. Appoint someone you trust to act for you and make sure they understand your intentions. A living will or advance health care directive allows you to make your wishes known to your doctors, too.
  4. Power of attorney. The role of an individual with your power of attorney is to make legal decisions and act on your behalf, as set out in the POA document. You may choose your spouse, partner, or someone else you trust. You can determine what they are allowed to do, and it remains in effect until revoked.

Get Your Estate Planning Organized with Help from a Reliable Company

Proper estate planning begins with a reliable company like Executive Planning Group. We offer comprehensive services to cover every aspect of estate planning. We help with financial planning, life insurance, planned charitable giving, and more. Learn more about our services and what we have to offer when you call us today or request a quote online.

Call us at 601-982-3000 to discuss your Mississippi estate planning needs.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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