With the holidays approaching, there’s a greater likelihood that families will be gathering to celebrate. That often means this is the one time of the year children get to see their aging parents.
While we are not suggesting that you should not enjoy this time as a family, it is also an opportunity to discuss and review family estate planning issues.
Some questions to consider are whether any adult children are able and willing to assume the duties of the agent under a power of attorney, personal representative and/or trustee. Each has its own unique responsibilities.
The agent for a power of attorney is authorized to make decisions on behalf of someone else. In an estate planning context, this agent will often make these decisions when the person is not capable of doing so for themselves.
The personal representative is generally responsible for overseeing the estate of someone who has passed away. They are often named in the will. If one is not named, an administrator is appointed by the court.
A trustee, similar to a personal representative, refers to a person who holds property, authority, or a position of trust or responsibility for another person, who may still be alive, and for the benefit of any beneficiaries.
Remember, the holidays are a time to enjoy family but gathering together also serves as a good reminder to make sure these legal issues are handled.