Preserving & Protecting Your Family’s Assets & Legacy

Who are the key figures in your estate plan?

On Behalf of | Mar 26, 2021 | Estate Planning |

When you create your estate plan, you will focus on many different components at a given time. For example, your will and trust are two separate pieces that will require their own time and attention.

One overall category of importance are the key figures in your will. You will find them scattered throughout, and all are vital.

Who are beneficiaries?

Forbes breaks down your estate plan review into manageable pieces. One of the biggest components are the key figures.  After all, you are creating this estate plan for the benefit of others after your death. It makes sense that people will play such an important role.

There are two primary forms of people involved in estate plans. Beneficiaries, and role holders. Beneficiaries will have something to gain from your estate plan. For example, you will list beneficiaries on your will when deciding who will get your property, assets and so on. You also list beneficiaries when you decide how to divide and pass out the assets in your trusts.

Beneficiaries may share bank accounts with you, too. They could benefit from retirement plans, pensions and military service awards. This category also includes everyone who may benefit from any insurance plans you have.

Who are role holders?

Role holders, on the other hand, take an active role in your plan. These are people who become your power of attorney or healthcare proxy. They ensure that your end of life transition goes according to your desires, even if you cannot make sure it happens yourself. They step in if you become incapacitated in some way. A power of attorney will handle legal and financial matters. A healthcare proxy handles health matters. Both hold equal importance to your end goals.


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