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Craig W. Schubert
Financial Planner
Business & Financial Strategies, LLC
Providing Insurance & Financial Services
1657 Crofton Blvd, Suite 200
Crofton, MD 21114
Phone: 410-841-0032
Fax: 410-841-0030
March/April 2025
Estate Planning Basics Protect Your Family
Your will is a primary estate planning document that specifies how you want your assets distributed when you die and names a guardian for any minor children. Additional essential documents most people should have include a financial power of attorney, which allows someone to make financial decisions for you, and a health care proxy, which designates another person to make health care decisions on your behalf when you cannot do so yourself.
Your Personal Representative
You will have to name a personal representative (formerly called executor) in your will to carry out your final wishes. The person you choose will be responsible for cataloging assets, paying final bills, settling debts, overseeing your financial and investment accounts, and distributing property. Settling an estate can be complex and time-consuming, so you want to be sure the person you name is willing and able to undertake this task.Making a Choice
What are some things you should consider when naming a personal representative? Consider whether the person you want to name will have time to settle your affairs. Someone with a young family or a demanding work schedule may not be a good choice. And, if cataloging items in your home and arranging for their disposal or distribution is necessary, you should select someone who lives close to you.Avoid Arbitrary Choices
Choosing your personal representative based on arbitrary factors, such as the age or gender of one of your children, may not be a wise decision. Consider more than birth order if you plan to appoint a child. While you can name multiple children to serve as co-representatives, doing so can lead to disagreements and delays in settling your estate.Naming an Institution
If you don't have family members or friends who are experienced enough in financial matters to undertake the tasks of a personal representative, you might consider naming an institution as representative or co-representative with a loved one. However, most institutions charge a hefty fee for this service and may not accept the position unless your estate is large.An estate planning attorney can help you explore all your options.
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Craig W. Schubert is a Financial Planner with, and offers securities and investment advisory services through LPL Enterprise (LPLE), A Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with Business & Financial Strategies, LLC.
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