When you create your will or a trust, you’ll be able to appoint who you choose in the most important role of fiduciary. For a will, this would be your executor or personal representative. For a trust, it would be your trustee.
You can also discuss with your attorney the possibility of using specific terms within the respective document to give your agents additional authority.
One of the great things about creating your own will or drafting a trust with the help of an attorney or is that you decide what belongs in it. So long as the plan is compliant with state laws you are eligible to craft individual provisions. That being said, there are several provisions that appear in the most common trusts and wills, including the power to:
- Sell or exchange property
- Retain assets
- Continue business ventures
- Satisfy and settle claims
- Pay assessments or taxes
- Prosecute, negotiate or defend claims
- Allocate items of income
- Borrow funds with or without security
- Sub divide, repair, lease, improve or manage real estate
- Make distributions to beneficiaries in cash or in kind
The laws that govern trust and estate administration are designed to ensure that the responsibility of trust provided through fiduciary rules are not violated. Furthermore, your trust or will documents might limit or broaden the authority given to a fiduciary. You’ll want to speak to a knowledgeable estate planning attorney if you intend to enhance or diminish their potential authority levels.
Working with a lawyer to create your trust or will is strongly recommended; there are many things to think about in that process and having a lawyer’s help is vital for supporting you as you answer those key questions. Our NH estate planning law firm is here to help you.