When putting together an estate plan, you’ll be deciding what to leave behind to heirs, and more importantly, who will be entrusted to distribute your assets as listed in your will. Estate administration is the management of your belongings by a representative approved by a court, so keep this in mind when it comes time to put your will together. Read below about some of the roles you can appoint to fulfill your wishes.
Executor vs. Administrator
The terms “executor” and “administrator” are given to people whom you entrust to manage your estate. Their responsibilities include:
- Collecting all assets
- Paying off overdue debts and taxes
- Distributing assets to heirs
The main difference between the two is how the person was appointed; an executor is appointed through your will while an administrator is appointed by a court.
Powers of Attorney
The power of attorney role appoints another person to make your decisions when you’re unable to. The two most common powers are medical power of attorney and durable power of attorney. Working with an attorney familiar with estate planning will benefit you by determining if you want these powers to continue after your passing.
The Role of a Directive
A directive is a document responsible for listing the medical requests that you want for a medical professional to follow if you become incapacitated due to illness or injury. Requests, such as “do not resuscitate”, will be documented here and only go into effect once a doctor determines that you are terminally ill and will pass away within six months of using artificial life procedures.
Draft Your Will with Us
Along with appointing administrators, you may have to choose additional witnesses in your estate plan. Contact Fryer and Hansen to create your estate plan. Have questions? Request a free consultation to get sound advice from our attorneys in McAllen.