When making an estate plan, one of the most critical decisions is choosing who will carry out your wishes after your passing or act on your behalf if you become incapacitated. This decision demands careful consideration and understanding of the legal landscape in Massachusetts, which we at O’Connell Law have. Today, we’ll delve into the key factors and considerations you should weigh when selecting “helpers” for your estate plan in the Bay State.
Consider the Responsibilities Involved
The first step is understanding the responsibilities that the position entails. Personal Representatives, for example, should be capable of handling financial matters, making important decisions under stress, and managing potential conflicts that may arise among beneficiaries.
Assess Trustworthiness and Reliability
Trustworthiness and reliability are paramount for all positions. They should also be able to communicate effectively with all parties involved.
Evaluate Financial Acumen
Consider their financial acumen. Your Personal Representative can be someone other than a financial expert. However, they should have a basic understanding of financial matters and be capable of seeking professional advice when necessary.
Consider the Impact on Family Dynamics
Family dynamics play a crucial role. Selecting one family member over another can sometimes lead to conflicts or perceived biases. Sometimes, appointing an impartial third party, like a trusted friend or a professional, can help mitigate these issues.
Geographical Proximity
While not a strict requirement, choosing someone who lives in Massachusetts or nearby can be advantageous.
Willingness to Serve
Ensure that the person you are considering is willing and able to take on the role. Some positions can be time-consuming and occasionally stressful.
Flexibility for Changes
Remember, circumstances change. Your chosen person may move away, have health issues, or otherwise become unable to serve. It’s prudent to name an alternate for each helper in your estate plan.
Choosing suitable helpers for your estate plan in Massachusetts is a decision that should be taken seriously. It requires balancing personal, financial, and legal considerations. Take your time, discuss your options with trusted advisors, and choose someone who aligns with your values and the needs of your estate. Remember, the suitable helper can ensure that your wishes are carried out smoothly and effectively, providing peace of mind for you and your beneficiaries.
You may also be interested in a webinar we often hold titled “How to Choose Who Will Fill a Role in Your Estate Plan”. You can sign up HERE.
