Your Loved Ones and Your Passing
Are you prepared in the event you pass away? The less you prepare for death, the more of a burden it will be on your loved ones for a multitude of reasons. First of all, your loved ones may not be aware of what they are supposed to do on your behalf or what you would want. They may not be aware that you have always believed that you wanted to be cremated; now you’ve passed away and the person with whom the decision must be rendered has decided to bury you. If this individual isn’t sure, or believes he/she has made the wrong decision, or can’t make the decision due to fear of making an incorrect decision, all while mourning your death, is this the position you want one of your closest family members to be in? Unfortunately this is hardly the most stressful decision the person with this responsibility must make. Would you want this person to be losing their mind and being bombarded with questions, responsibilities, and tasks when they should be solely mourning your loss? A consultation, beginning with a simple phone call to an estate planning professional such as LA Probate Law could avoid a lot of stress and unintended consequences in the event of an untimely departure. So what roles do your loved ones and family plays in the event you should pass away? And how do you determine who is best for rendering each responsibility? These are questions that you can easily and quickly address at present, but you will have no control of should you not take the time to prepare right now.
Fiduciary
A fiduciary is the executor of your will. This is the person who will be responsible for dispersing your property, keep sakes, finances, and the inventory you’ve acquired over a lifetime. In most cases an individual would select their best friend or closest confidant to execute their wishes and resolve all matters concerning their last will and testament. While this may be the best choice, the professionals at LA Probate Law, as well as other professionals in the industry, suggest a more detailed, thorough approach to your selection. The most important trait in selecting a fiduciary is level headedness. You want to find someone that remains unbiased and is not prone to grudges or spite. Maybe your sister is the most important person in your world and the closest person in your life, but that doesn’t necessarily mean she is best suited for this responsibility. If she doesn’t get along with your brother, or best friend, or she’s mad at your parents, or has a tendency to get mad at insignificant minutia, you may want to ask someone else to carry out this responsibility. Also, your closest confidant may be civil and fair with you, but you’ve noticed that they are selfish or spiteful in other aspect of their life. Then this individual may not be best suited for the task. You can leave them your most important or valuable possessions, but have someone you know will carry out the responsibility of executing your wishes in a fair, unbiased manner. Your fiduciary will have a great responsibility and will have a big say in what happens after your demise. You can show your love by bequeathing things to your beneficiaries, you can show your responsibility by appointing the right fiduciary.
Power of Attorney
Selecting a person to hold power of attorney is a great responsibility as well. Possibly more important than when selecting a fiduciary, selecting someone with the most virtue and highest regard for honesty and values is of the utmost importance. Consult with a professional, such as those at LA Probate Law before appointing someone to power of attorney so you understand the scope of power this designation will afford them. Someone holding power of attorney representing another individual has great power and responsibility for the appointee. The best reason to appoint this individual is for diminished capacity in incapacitated situations, but power of attorney doesn’t kick in upon an individual’s demise, it is legally rendered as soon as the papers are signed. This person will be able to sign any contract or documents on your behalf and you are legally binded to follow through, as if you signed the paper yourself. They also can sign checks and/or any other financial documents on your behalf, including writing themselves checks or transferring your finances to whomever or whatever they would like. So your kinship is hardly the most important factor in selecting a power of attorney, trust and virtue is paramount.
Beneficiaries
This is where you can express your love and devotion. A beneficiary is simply the individual you bequeath your property and or possessions. You can disperse your things anyway you’d like and you need not worry about virtue or value. Unlike other positions in which you must consider what people believe in or how trustworthy someone is, you can simply inventory your possessions and leave them to whomever you wish as a symbol of love, reflection, and thanks. So one need not worry about offending anyone when selecting a fiduciary, executor, or power of attorney because all beneficiaries will experience the devotion you have for them through this avenue. Consult with a professional, such as LA Probate Law to determine what roles loved ones should play, and how to best protect yourself and your possessions.
Your Loved Ones and Your Passing
- What Can I Do to Prevent Probate Disputes After I Am Gone? - June 1, 2023
- Understanding and Manipulating Estate and Gift Taxes - June 1, 2023
- What It Means to Disclaim - June 1, 2023
