Your Estate Plan: Who's Calling the Plays?

Your estate plan is your financial game plan, a playbook designed to safeguard your family’s future. But even the best game plan won’t win without the right team on the field.

Your team - your executor, trustees, agents, and advisors - are responsible for turning those carefully crafted documents, like your Will and trust, into coordinated action. Their competence and communication determine whether your strategy runs smoothly or breaks down into costly confusion.

Let’s take a closer look at the key players to have in your lineup, what roles they play, and how each helps ensure your legacy and vision are carried across the goal line for your family.

The Executor 

The executor is the person named in your Will to administer your estate after your death. Because this role requires organization, financial literacy, and impartiality, some people choose a professional instead of a family member.

Responsibilities:

• Gathering Assets: Locate and secure your property and accounts.

• Paying Debts and Taxes: Settle final debts, including funeral expenses, and filing required tax returns.

• Distribution: Distribute the remaining assets to your named beneficiaries according to the terms of your Will.

The Trustee

The trustee is an individual or institution responsible for managing the assets held within a trust. If you establish a Revocable Living Trust, you typically serve as the initial trustee, but you must name a successor trustee to step in should you become incapacitated or pass away. Unlike the executor, the trustee only has authority over assets legally titled in the trust.

Responsibilities:

• Asset Management: Invest and manage the trust's property and accounts.

• Fiduciary Duty: Act in the best interest of the beneficiaries.

• Distribution: Distribute income and/or principal to the beneficiaries as outlined in the trust document, which can take years or decades.

The Agents

The agents (under powers of attorney) become effective during your lifetime if you are unable to manage your own affairs, so your needs are met without court intervention. Agents include:

Financial Power of Attorney: Grants authority to manage your financial matters, which may include paying bills, filing taxes, and managing accounts during a period of incapacity.

Health Care Power of Attorney: Makes medical decisions on your behalf if you are physically or mentally unable to communicate your wishes – so doctors and hospitals respect your medical preferences.

Guardian: This person is essential if you have minor or dependent children. They are responsible for their care if you and their other parent pass away. Failing to do so leaves this very personal decision up to a court.

Responsibilities:

• Physical Care: Providing for the child's daily needs, including housing, food, and education.

• Decision-Making: Making all major decisions about the child's upbringing until they turn 18.

Estate planning is personal, and it’s all about you, your situation, and your family dynamics. Naming primary and successor appointments for each spot in your lineup helps establish a resilient estate plan for you and your loved ones.

Here to Help!

We understand that these decisions can be overwhelming. But remember, you’re not alone. As your financial advisory team, we’ll quarterback the process, aligning your attorney, CPA, and other professionals so everyone’s running the same play. Our role is to keep your strategy on track and make sure your plan safeguards what matters most.

Contact us to get started. We’ll set up a time to talk through your estate planning lineup and determine appropriate next steps.

Get Started Today!

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This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified legal advisor.

Investment advice offered through Integrated Partners, a registered investment advisor, doing business as GC Wealth Advisors and its investment advisor representatives, Christopher Conner, Jason Rankin, Adam Tirapelle, and Kyle Trippel.

Grimbleby Coleman Advisors & Accountants and its individual partners are solicitors to Integrated Partners and are not registered investment advisor representatives. Solicitors do not provide investment advice and are compensated solely for their referral services. Click here for copies of the firm’s ADV, CRS, and solicitor disclosure statement.

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