Choosing the Right Fiduciaries for Your Texas Estate Plan

When creating an estate plan in Texas, one of the most important decisions is who to name as your fiduciaries - who will fulfill your wishes after you pass away. Selecting reliable and trustworthy fiduciaries ensures your estate is handled correctly. Here are some key factors to consider when designating fiduciaries for your Texas estate plan:

Executor

Your executor is responsible for administering your will after your death. The executor's job involves inventorying assets, paying debts and taxes, and distributing property to beneficiaries. When picking an executor, you'll want to choose someone who is organized, responsible, and familiar with financial matters. Many people name their spouse or an adult child as executor. You can also appoint a lawyer or financial advisor. Consider backup executors in case your first choice is unable to serve.

Trustee

Suppose you create a living trust or a testamentary trust within your will. In that case, you must designate a trustee to manage the trust assets and distributions. The trustee should be skilled at managing finances and investments. Family members or professionals like attorneys or financial advisors can serve as a trustee. Consider dividing trustee duties - one person to manage day-to-day trust administration and another to manage investments. Having co-trustees provides checks and balances.

Guardian

If you have minor children, appointing a guardian to care for them is an important estate planning decision. The guardian will raise your children in the event both parents die. Choose someone who shares your values and views on parenting. Also, consider the financial stability, health, age, and willingness to serve.

Power of Attorney

A durable power of attorney allows someone to handle your financial affairs if you become incapacitated. Your agent should be ethical, business-savvy, and able to put your interests first. Often a spouse or adult child serves as power of attorney. You can also choose a legal or financial professional. Naming multiple agents, or agents and successor agents, can provide additional protections; however, it should be discussed with an attorney for advisability.

Medical Power of Attorney

This document authorizes someone to make medical decisions on your behalf if you cannot do so. Pick an agent who understands your healthcare wishes and values. Many choose their spouse, but adult children, close friends, or relatives are also options. Be sure to discuss your medical desires with the person you appoint.

Choosing fiduciaries for your Texas estate plan requires careful thought. Seek out individuals who are trustworthy, responsible, and capable of managing financial, legal, and healthcare matters. Discuss your wishes with your chosen fiduciaries and name backup agents if your first choices are unavailable. With the right fiduciaries in place, you can rest assured your estate will be managed appropriately.