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Understanding the different parties in your estate plan

On Behalf of | Dec 16, 2019 | Estate Planning |

Planning your estate in Texas may appear incredibly confusing when you hear the words “trustee,” “executor,” and “heir,” flying at you. In reality, each of these parties will play an important role in seeing that your assets and possessions end up exactly as you desire. At Doehring & Doehring, Attorneys at Law, we have helped many families to decide how to proceed with estate planning, as well as help them put together a customized plan that meets their needs.

While you are the main visionary in terms of designating where you want to see all of your assets end up, there will be a lot of other people who help you execute your will the way that you have envisioned. According to Fidelity, one of the designations you will need to make is to name a guardian who will be responsible for assuming the care of your children and any other dependents who are underage in the event that you pass away.

An executor will be responsible for overseeing the execution of your estate following your death, while a trustee is entrusted with safeguarding assets left in their care in the form of a trust and allocating these assets as you have laid out. A health care proxy is given your permission to act in your best interest according to your wishes in regards to making important decisions about your health care needs if you ever become incapacitated.

When you understand how each of these parties helps contribute to the outcome of your estate plan, you can be more confident in selecting people you trust to do the job. For more information about planning an estate, visit our web page.