How to Choose Agents for Your Estate Plan

TL;DR (Summary): Understanding how to choose the right agents for your estate plan is essential to ensuring your wishes are carried out effectively and efficiently. By selecting agents who will follow your instructions, ask questions when needed, and stay organized, you can have peace of mind knowing that your estate plan will be in capable hands.

When you’re making an estate plan, choosing the right people to act as agents is one of the most important decisions you’ll make. These are the individuals who will carry out your wishes, make important decisions on your behalf, and ensure that your plans are executed smoothly after your passing or in the event you become incapacitated. 

At Goff Legal, our experienced estate planning attorneys know how overwhelming it can be to navigate these decisions. That’s why we’re here to help you understand the key traits to look for in your agents and why these traits matter. In this post, we’ll dive into how to choose agents for your estate plan and what qualities to prioritize.

What is an Estate Plan Agent?

Before we explore how to choose agents for your estate plan, it’s important to understand the role they will play. In an estate plan, an “agent” refers to someone you appoint to make decisions on your behalf in various circumstances. Agents are typically named in documents like your:

• Durable Power of Attorney: This agent handles financial matters if you become incapacitated.
  
• Advance Healthcare Directive: This agent makes medical decisions for you if you are unable to communicate your wishes.
  
• Executor of your Will: This person will ensure that your will is executed properly after your death.
  
• Trustee: If you have a trust, this person will manage the trust assets according to your wishes.

These agents will step in when necessary, so it’s crucial to choose individuals who are dependable and capable of handling the responsibilities of these roles.

The 3 Essential Traits of a Good Estate Plan Agent

Choosing an agent isn’t just about who you trust. It’s about selecting someone who is up to the task of carrying out your wishes efficiently and thoughtfully. To ensure you’ve made the right choice, consider these three essential traits:

1. They Will Follow Your Instructions

Your estate plan is a reflection of your wishes, and it’s crucial that your agents are willing and able to follow those wishes to the letter. Whether it’s about medical care, finances, or distributing assets, your agents need to be committed to carrying out your plan exactly as you’ve envisioned it.

Ask yourself:

• Does this person truly understand my values and priorities?
  
• Will they be able to make decisions based on my specific instructions, even if those decisions might not be easy?
  
• Do they respect my autonomy, and will they follow my wishes without trying to impose their own preferences?
  

Agents who will follow your instructions carefully are the cornerstone of your estate plan’s effectiveness. Without this key trait, there’s a risk that your intentions may not be fully realized. A trustee who doesn’t follow the trust instructions also runs a higher risk of legal conflict and litigation after your passing.

2. They Will Ask Questions

Estate plans are often complex, and your agents need to be proactive about seeking clarification when something is unclear. When a situation arises that’s not explicitly covered in your estate plan, an agent who will ask the right questions is invaluable. You want someone who will seek out additional information or advice to ensure your plan is carried out correctly and in a way that reflects your true intentions.

Ask yourself:

• Does this person feel comfortable asking questions or seeking clarification when necessary?
  
• Will they take the time to understand the nuances of my estate plan and reach out to me or my attorney if they need guidance?
  

An agent who asks thoughtful, detailed questions shows they are engaged and committed to ensuring the best outcome. It’s better to have someone who asks questions before making a decision than to have an agent who guesses or assumes.

3. They Are Organized

Estate planning can involve a lot of paperwork, deadlines, and decisions. An agent who is organized will be able to manage these responsibilities efficiently, ensuring that nothing falls through the cracks. Whether it’s keeping track of financial records, filing medical documents, or ensuring your assets are distributed correctly, a well-organized agent is vital to the success of your estate plan.

Ask yourself:

• Does this person have a history of being organized and detail-oriented?
  
• Will they be able to keep track of important documents and deadlines?
  
• Can they manage multiple tasks and responsibilities at once?
  

A disorganized agent can create unnecessary delays and complications, making the execution of your estate plan more stressful for your loved ones. Beneficiaries who are forced to wait to receive an inheritance may choose to take legal action against a sluggish trustee, leading to expensive litigation that drains your estate of resources. To avoid this scenario, choose someone who is detail-oriented and can handle the administrative work that comes with these roles.

Who Should You Choose as Your Estate Plan Agent?

Now that you know the key qualities to look for in an agent, the next step is deciding who in your life is best suited for these responsibilities. Here are some common choices and considerations:

1. Trusted Family Members

For many people, a family member is the obvious choice for an agent. This could be an adult child, a sibling, or another close relative. Family members are often chosen because they understand your values and are invested in your well-being. However, family dynamics can be complicated, so it’s important to choose someone who is responsible and capable of handling the role.

Consider the following:

• Will this family member be able to set aside any personal biases or emotions to carry out your plan?
  
• Do they have the necessary time, skills, and temperament to manage the responsibilities?
  
• Are they prepared for the potential emotional challenges of making decisions on your behalf?
  

2. Trusted Friends

If you don’t have family members who are well-suited for the job, a close friend may be a great option. A trusted friend can offer the same personal knowledge of your values and priorities, but may have the added benefit of not being emotionally involved in family dynamics.

Consider the following:

• Do you have a friend who is organized, responsible, and capable of making tough decisions?
  
• Will this person be able to handle the tasks involved, especially the administrative ones?
  
• Is this person likely to respect your wishes without trying to take control of the situation?
  

3. Professional Fiduciaries

If you don’t feel comfortable selecting a friend or family member, you can always choose a professional fiduciary. These are individuals or companies that specialize in managing estates and trusts. They are typically well-versed in legal and financial matters and can provide an objective, professional approach to carrying out your estate plan.

Consider the following:

• Do you want someone who has experience with estate management and legal complexities?
• What additional resources do they have to help execute your plan and support your wishes?
• Are you able to set aside time to gather the information they are going to need to support you when the time is right?
  

Professional fiduciaries can be a great choice for those who want a more hands-off approach to estate management and prefer a neutral party to handle sensitive decisions.

4. Co-Agents and Successor Agents

Some people choose to appoint multiple agents to act together (co-agents) or in a particular order (successor agents) if one is unavailable. For example, designating two siblings as co-successor trustees. This can help ensure that your plan is executed without delay if one agent cannot fulfill their duties.

However, be cautious as naming multiple co-agents can cause conflict and delays in some cases. It’s important to consider:

• Do your co-agents get along and share similar values?
  
• Is there a clear understanding of how decisions will be made if there’s a disagreement?
  

For some people, having co-agents or successor agents can provide peace of mind, knowing that there’s a backup plan in place.

Contact Goff Legal to Get Started

Choosing the right agents for your estate plan is one of the most important steps you’ll take in ensuring your wishes are respected and your loved ones are taken care of. It’s important to select individuals who will follow your instructions, ask questions when necessary, and be organized enough to handle the many tasks that will come with executing your plan. Whether you choose a trusted family member, a close friend, or a professional fiduciary, make sure they have the qualities that will make them successful in these important roles.

If you have any questions about how to choose agents for your estate plan or would like to discuss this topic with an experienced estate planning attorney, Goff Legal is here to assist you. Our team will guide you through every step, ensuring your estate plan is solid and ready for whatever the future holds.

Contact us today for a free discovery call to get started on securing your estate plan with the right agents in place.

FAQ’s:

-What is the role of an agent in an estate plan?
An agent in an estate plan is someone you appoint to make decisions on your behalf if you become incapacitated or after your passing. This could include managing your financial affairs, making healthcare decisions, or executing your will or trust. The agent’s role is crucial in ensuring your wishes are followed.

-Can a professional fiduciary be an agent in my estate plan?
Yes, a professional fiduciary can be appointed as an agent in your estate plan. These professionals are experienced in managing estates and can handle the administrative tasks and legal responsibilities involved. This is a great option if you prefer a neutral party to manage your estate plan.

-Can I change my agents after my estate plan is created?
Yes, you can update or change your agents at any time, as long as you are mentally competent. If you need to change agents, you’ll typically need to work with an estate planning attorney to update your estate plan documents, such as your durable power of attorney or healthcare directive, to reflect the new appointment

-When should I consider updating my estate plan agents?

You should consider updating your estate plan agents if there are significant life changes, such as a family member or friend becoming unable or unwilling to serve, a change in your relationships, or if your chosen agent’s health or circumstances change. Additionally, if your estate planning goals shift or if there’s a major change in your financial situation, it may be time to review and potentially update your agents to ensure they are still the best fit for your needs.

-What are some red flags when choosing an estate plan agent?
When choosing an agent, look out for potential red flags such as a lack of responsibility, a tendency to avoid tough decisions, or conflicts of interest. Avoid agents who may have their own personal agenda or who are not fully committed to following your instructions. If someone is disorganized, unreliable, or unwilling to ask questions when needed, they may not be the best fit for this critical role.