If you have not yet crafted estate planning documents, now is the perfect opportunity to meet with an estate planning lawyer to discuss your next steps. There are several different people who may be associated with the management of your estate. This is because powers of attorney, trusts, wills, and advanced healthcare directives all appoint people to act in a legal representative capacity. 
Selecting Stakeholders for Your Estate
A will nominates your executor (now called a personal representative) to act upon your death. A petition to the court appointing an executor and letters testamentary are also necessary for this person to become an executor.
A trust appoints someone to serve as a successor trustee upon the incapacity or death of the person who created the trust. This appointment, however, does not become effective until the successor trustee accepts their appointment. A power of attorney nominates someone else to act as an agent to manage property, finances or legal affairs of the principal.
An advanced healthcare directive appoints a person to act as an agent for health care decisions of the principal. If no one is appointed in these roles, or the people who have been appointed do not accept their roles, then it falls to the court to determine who will be appointed to serve in these positions. Work directly with your estate planning attorney to name the people you wish to serve in these important stakeholder positions.
Why You Need an Estate Plan When You’re Young
Even if you’re a young adult, you do have stakeholders not just in your estate, but to step in and help with your affairs if you become incapacitated. The sooner you think through those issues and document a plan, the easier it will be to allow your chosen stakeholders to take action, such as making healthcare decisions for you or managing your finances if you become unable to do so. Talk to an MA estate planning lawyer today for more info.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.
Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. For legal advice specific to your situation, please consult with a qualified attorney.