Temmerman, Cilley & Kohlmann, LLP - Estate Planning

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Protecting Estates.
Protecting Legacies.

Who are the key figures in your plan?

When creating your estate plan, you will likely have several notable figures within it. It is important to understand who these are and what role they play in your overall estate plan.

For example, some figures will have an active role. Others play a passive role. But that does not make one more important than the others.

Beneficiaries and your estate plan

Forbes stresses the importance of having an estate plan no matter your age or station in life. Of course, one of the key purposes of an estate plan is dividing your assets and financial property amongst beneficiaries. Thus, beneficiaries are the first group of key figures in your plan.

Beneficiaries include any person with something to gain after your death. This can include anyone you write into your will. It can also include people you share joint bank accounts with, as the funds will transfer to them after your death. The same goes for people who will gain retirement funds or military benefits.

Do not forget people you write into your insurance policies, too. Anyone who has something to gain from a life insurance plan is also considered a beneficiary. All beneficiaries are passive, as they do not have to do anything to gain their share of your assets.

Active figures

As for active figures, this includes people who play a role in your end of life stage. This can include people like your power of attorney or your healthcare proxy. The latter handles medical choices for you if you cannot make them yourself. The former handles your financial and legal matters. In either case, you want these people to have your best intentions at heart. You also want them to make the decisions you would make if you were capable of making them.

These two groups of people make up the majority of your key figures.