Colorado Estate Planning Blog

Monday, October 31, 2016

You can never have too many back-ups

When drafting estate planning documents, I strongly encourage clients to come up with as many back-ups as they can for the people named to act as fiduciaries (in this case, people or entities named to act on behalf of someone upon their incapacity or death). Careful consideration should be given to naming the correct person for the job.  For example, if your eldest child is a spendthrift, you probably wouldn’t want to name them as first in line to handle your money when you are unable to do so yourself 

In addition to naming the person who is the best choice today, I suggest clients name as many back-ups as possible so that if one person can’t act, you have someone of your choosing to succeed them.  I counsel my clients to think outside of the box; if your children aren’t the right choice, is there a friend or other family member who is more fiscally responsible?  There are also professional entities with which I work who can be named as Personal Representative, Trustee or other fiduciary. 

Sommers Law Group, LLC assists clients throughout Denver, Jefferson County, and Arapahoe County, Colorado.

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