One of the biggest hurdles you will need to overcome over the course of estate planning is simply finding the right people to execute your wishes. Serving as the executor of your estate is a huge undertaking and it cannot be left to just anyone. Though the United States government notes that someone 18 years or older who hasn’t been convicted of a felony previously is good enough to be named as the executor of your estate, that still doesn’t mean you should just pick anyone who qualifies.
For starters, it’s important to remember that the person/persons you put in charge of your estate will have to take on a lot of responsibilities. As highlighted by HCR Wealth Advisors, the personal representative in charge of your will is responsible for settling and/or managing the assets remaining in your estate. The person who you give the durable power of attorney for healthcare will be the one who oversees the kind of medical services you receive.
Whoever you name as the recipient of the durable power of attorney for finances is going to make decisions regarding your money while also having to maintain accurate financial records. If your closest family member is someone who’s still studying and does not have a lot of life experience, handing him/her those responsibilities may be too much. Plus, who knows how easily that individual could be influenced by people who you do not want having a say in how your estate is handled. This is why it’s a good idea to work with professionals such as HCR Wealth Advisors.
The aforementioned Los Angeles-based company works to develop a long-term professional relationship with you. During that time, they will gain a unique insight into your financial situation and you can use the feedback coming from HCR Wealth Advisors to identify the right people who can manage your estate. Because the company also works to keep all the matters you discuss confidential, there is no reason for you to worry about anything trickling out and causing any kind of friction among your loved ones.
The reality is that estate planning can be a very complex and exhausting process. However, with professionals such as HCR Wealth Advisors working together with you, the process should become easier to manage.
HCR Wealth Advisors is not affiliated with this website.