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For Estate Planning, Estate Administration And Disputes

When estate planning, consider the various helping roles

On Behalf of | Jul 25, 2018 | Estate Administration & Probate |

When getting final affairs in order, New York residents will need to appoint various people to different roles. Whether these individuals will carry out duties before a person’s death or after, it is important that parties considering their appointments understand the different positions they may come across while estate planning. No one wants to give just anyone a great deal of responsibility, so knowing what certain roles entail may help with decision making.

If individuals want to appoint someone to act on their behalf through a power of attorney document, the appointed person is known as an agent. This agent may make decisions regarding financial or health-related issues. Another person that may take on responsibilities while an individual is still alive is a Social Security representative payee. The Social Security Administration will appoint someone to this position if a person is unable to manage benefits on his or her own.

There are also individuals who could act on someone’s behalf after death. A major role is that of executor. This person will handle the necessary affairs associated with probate and ensure that the deceased’s final wishes are carried out. Additionally, if a person has utilized a trust, a trustee will need appointing to carry out the terms of the trust.

Because there are many roles that may need filling in order to settle an estate or to care for an incapacitated person, it is important that New York residents understand when these positions may be needed. Information regarding estate planning tools and the roles that may need filling could help individuals understand where they may need to make certain considerations. If parties are concerned about making such appointments, they may wish to speak with knowledgeable attorneys for advice.