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Important role assignments in estate planning documents

Among the decisions that come before a person when estate planning is the decision of who to assign important roles to in one's estate plan. There are a variety of very important roles that can be assigned in estate planning documents and devices. We will now go over some examples of this.

In a will, a person can assign who their executor will be. An executor generally plays a very major role in the estate administration process.

Another important role assignment a person can make in a will is that they can name in a will who they want to be the guardian of their kids if they pass away while their kids are still minors. 

When setting up a trust, a person will generally assign who will be the trustee of the trust. A trustee can have some very major impacts on what ultimately happens with a trust, as the trustee is in charge of managing the trust and the property in the trust. 

In a power of attorney document, a person can specify who will have the power to make decisions for them if they become incapacitated. This decision-making ability is a very big power to give someone.

As one can see, the roles that can be assigned in estate planning documents and devices are ones that can have a fair amount of power connected to them and are ones that can have some very big overall impacts. Thus, it can be very important to exercise a high degree of care when deciding who to assign these sorts of roles to in one's estate plan. Picking the wrong person for these roles can potentially have some disastrous consequences.

As this underscores, the decisions a person makes when it comes to their estate planning can be remarkably impactful. Skilled estate planning attorneys understand this and can help individuals here in Texas be well-informed when making decisions regarding their estate plan.

Source: Bradenton Herald, "Seven common estate planning traps to avoid," Karin Grablin, June 9, 2015

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