Finding the right person to handle your estate or act on your behalf if you can’t do so yourself is a big decision. However, some people need help with this not because they have an abundance of options but because they lack options. It’s significantly more challenging when you don’t have close family or friends to name for these roles. What do you do if you find yourself in this situation? This is a common concern, but solutions are available that allow you to have someone who will understand, respect and follow your wishes. They will be there to manage your affairs according to your preferences.
You Have More Options Than You Think
Who will manage your affairs if you’re single, don’t have children, or you’ve outlived your spouse and close relatives? For many, the answer lies within their community of friends or extended chosen family. Friends who are like family, people you consider siblings or cousins in spirit, can step into roles like agents, trustees, or executors. This approach extends to the children of close friends as well. The benefit is the trust and personal connection you share with these individuals. They understand your values and wishes, which is crucial for managing your estate or making decisions on your behalf.
Choosing someone from your circle of chosen family allows for a personal touch in managing your affairs. However, it’s essential to have open discussions with these individuals about your expectations and their willingness to take on these responsibilities. Ensure they have access to necessary information, such as account passwords and details about your financial institutions, to manage your affairs effectively.
Getting Professional Support
Alternatively, you can opt for a professional agent if you prefer not to burden friends or want to use a more professional approach. This can be an attorney, a financial advisor, professional agent or a corporate trustee. These professionals are equipped to make medical or financial decisions and will act in your best interest. The advantage here is their experience and the assurance that your assets or the estate you are leaving behind is managed professionally. However, this option comes with a cost. Professional agents typically charge an annual fee to reserve their services when you become incapacitated, whether for estate management upon your passing or acting on your behalf during your life. Communicating your goals and values to your professional agent is critical. They need to understand your wishes so they can act accordingly.
Continue this Conversation with an Estate Planning Attorney
Deciding on who will manage your affairs if you’re unable to do so yourself or after your passing is an important but challenging decision. Whether you lean towards nominating a friend or a professional, respecting and following your wishes is the most important aspect. If you need help with proceeding or want to explore your options further, schedule a consultation with us. Together, we can ensure your estate and plans are in the right hands and reflect your wishes and values.
Law Offices of Debbie J. Cunningham
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