Understanding alternate roles in your estate plan
One thing that surprises many people new to estate planning is the fact that they not only need to choose someone to fulfill certain roles, such as executor of a will, but that they also need to choose alternates.
Most people start the estate planning process with an idea of whom they would like to name as executor of their will, or as agent for a power of attorney. For married couples, this person is most often their spouse, though some people choose differently – a parent, sibling, or trusted friend – to fill this primary role. Very few people have a solid idea of who they would choose as an alternate, however, in the event that their primary becomes unable to fulfill their duties.
Why is choosing an alternate executor/agent necessary?
The simple answer is this: when you choose a person to be the alternate or secondary executor or your will or agent named in your power of attorney, you get to make the decision of who will fulfill these important roles should your primary chosen representative become unable to do so. If you do not name alternates to these roles, the court will decide for you.
There are many reasons why the person you chose as your primary executor or agent may become unable to fulfill their duties. A person could pass away or become too ill or incapacitated. They might experience a life change that makes them unable to commit to the role, such as a move out of state, the birth of several children of their own, a battle with an addiction or other challenging personal issue. There are also situations in which you decide to change who you’ve selected, or the person you selected asks not to be named to that role any longer. In these cases, it might be advantageous for you to shift your alternate into that primary role.
How to select the right alternate
When choosing who to name to any role in your estate plan, whether it be executor of your will, agent for a power of attorney, or an alternate to either of these roles, keep the following in mind:
- You should have a conversation with the person before signing on the dotted line to ensure they understand their duties and agree to fulfill this role. Ongoing conversations should be had with this person to ensure they know your wishes so they are best equipped to see them through.
- You want to select a person you fully trust, who has your best interests in mind, and whose personality and skill set match the duties of the role. For example, the person you name as guardian for minor children should be someone you see as nurturing and caring and who knows your children and your parenting style. The person you name as agent for a financial power of attorney should be someone who is responsible with money and detail-oriented.
- No one is obligated to fill a role in your estate plan, even after all documents are signed. This is where naming an alternate becomes critical.
- While the decision of who to name as primary in a role may come easy (usually it is a spouse or your most trusted relative or friend), you may not have considered who you would want as an alternate. Your estate planning lawyer can help you though this decision-making process, answering your questions and advising you on your selection.
Estate planning is complex; it involves making important decisions for your future and thinking about things that you normally avoid. Having an experienced estate planning attorney on your team like me, Paul Margerie, will make this process significantly easier. At Margerie Law, I love helping families craft the right estate plan to protect their future and proudly serve the Wauwatosa, Milwaukee, Brookfield, Elm Grove, and Waukesha communities…and many others. If you have questions about any aspect of estate planning, give me a call today.
