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Choose Your Fiduciary Carefully

A fiduciary is responsible for carrying out your wishes.

Here are the different types.

Executor: takes the final actions for the estate under the terms of the will after you die.

Trustee: manages the trust while you’re alive and is responsible for disposition of the trust after you die.

Attorney-in-Fact: this person is named in the Durable Power of Attorney (POA) for Asset Management and Advanced Healthcare Directive. They are responsible for managing the assets in your name or making healthcare decisions while incapacitated. This is terminated upon your death. It could be two different people for each type of POA.

Guardian: appointed to care for minor children or adult dependents.

In my opinion, everyone should have at least a will, POA and Healthcare Directive.
COVID has shown the importance of having your estate planning documents in place before hand.