Your Will names individuals or institutions to assume fiduciary roles for your estate once you have died.? The roles include a Personal Representative to administer your estate and a Trustee for any Trust established under the Will.? In addition, the Will names a guardian to care for any minor children.? If you fail to name a guardian in your Will, a Court will appoint a guardian for your children.
Your Will should designate someone to care for your minor children. You should give careful consideration to choosing someone your children can love and respect and someone you would trust to care for them.? It can be more than one person, and duties can be split between actual care giving and financial management of assets.
Your Personal Representative notifies beneficiaries and interested persons, probates the Will, gathers assets, pays the expenses and taxes of the estate and ultimately distributes the estate to the beneficiaries.
The Trustee manages any Trust you have established in your Will document (?Testamentary Trust?) for your beneficiaries.? Any individual you name to assume these roles should be someone you trust to make responsible financial decisions and who will respect your wishes after you are gone.
An experienced Annapolis estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorney Seth B. Zirkle can discuss all your options and create a plan with you.? Call Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.
Source: http://hyattweberestateplanning.com/maryland-will-2/the-people-you-need-to-include-in-your-will/
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