The Mazza Law Group, P.C. would like you to take a moment and think about their estate plan. Now you may be thinking why do I need an estate plan? Well if you have children, a spouse, own a home or have a retirement fund you need to think about an estate plan. What is an estate plan? It is making decisions about things now for when you need them in the future whether that is when you are no longer here or if you become incapacitated.
Whether you’ve had estate documents done for many years or you’re just starting out, there are three documents that everyone should consider when developing their estate plan. The first is a Will. The Will is the document that says here is what I want done with all of my items when I am no longer here.
Within the Will, there are three fiduciary roles. The first is that of an Executor who is the party that gathers all of the decedent’s asset information and debt information; uses the assets to pay the debts and then distributes the balance according to the terms of the Will.
The second fiduciary role that may be included in a Will is that of a Guardian. A guardian’s role lasts as long as the child is a minor or in the case of a special needs child, for the length of time that a guardian is needed for that special needs child. The guardian is the person who is the caretaker for the child and handles day to day matters for that child.
The third fiduciary role is that of a Trustee. Trusts are created under Wills for various reasons. The most common being for minor children or special needs children and the trust lasts as long as indicated in the terms of the trust.