When Colorado residents think about planning for the future, they may often pay more attention to how they distribute their assets than to the people they name to act as their executors or representatives. However, these people can play a significant role in determining whether or not an estate plan is truly successful and the tone of family relations moving forward. While many people may take these decisions lightly, determining who to appoint in these types of positions can be at least as critical as the ways in which a person divides property.
There are a number of people that a person could empower during the estate planning process, not only the executor of the will. People may name an agent to act in their stead under a power of attorney or advance health care directive. This person can make medical or financial decisions in case of the principal's incapacity. In addition, many people make use of trusts in order to pass on their estate without probate and more closely direct the future of their assets. A named trustee makes the final decisions about how investments are managed and distributions made after the settlor passes away.
Of course, the executor of the will distributes the estate after a person's death, and there are a number of other representatives that can come into play with Social Security, insurance plans and bank accounts. It can be complicated when the people named to these positions are not in contact or barely know each other or when they know little about the responsibilities associated with these positions.
Making decisions about an estate plan can be a complex process. An estate planning attorney can help people thinking about the future to develop a clear plan that protects their assets and supports their loved ones in the future.