BUILDING YOUR TEAM : ESTATE ROLES (PLAN FOR 2 GENERATIONS)

When creating your estate plan, consider who is best to fill these roles both at the parent level, and for the individual with special needs. Doing this planning for the individual with disabilities now can prevent very complicated issues from arising in the future, when parents may not be available to assist.

EXECUTOR

Who will settle any open bills or accounts, gather all your assets, and distribute them as directed by your will? Professionals can fulfill this role, but often this is a very responsible friend or family member who is entrusted to execute your wishes.

POWER OF ATTORNEY

Who can make legal decisions on your behalf? Two types of POAs that you may wish to consider: durable and springing. For you, the parent, in most cases, a springing power of attorney is

used. The springing POA "springs" into action only if you cannot make legal decisions. (e.g., If you developed dementia, the springing POA would trigger and your designee could pay bills, access your accounts, and manage financial and legal affairs.)

A durable power of attorney offers the same powers, but takes effect immediately and those powers last until revoked. This is less common for estate planning purposes as it relates to parents, but is often part of planning for the individual with special needs.

Power of attorneys can be broad or narrowly tailored and you should discuss with your attorney what is most appropriate for your goals. Often, this role is filled by a spouse, competent child, or sibling.

HEALTHCARE PROXY

Who can make medical decisions on your behalf if you cannot do so? Again, appointments should be considered for both generations. What will happen if you or your spouse can't make a medical decision, and for your child if they are incapacitated. Note, this doesn't require that your child lose their ability to make decisions now, but what if they are not able to make such decisions in the future.

Healthcare proxies are generally family members or very close friends, and you can assign successors in case someone isn't available or is deceased. For you child, for example, parents may serve as healthcare proxies during their lifetimes, then a sibling upon the demise of the parents.

LOOKING DOWN THE ROAD: Consider who is best to fill these roles both at the parent level, and for the individual with special needs. Doing this planning for the individual with disabilities now can prevent very complicated issues from arising in the future.