Having an estate plan in place allows your estate to be administered according to your wishes. Most people agree having an estate plan is something that is very important and acknowledge they need to put one into place. Sadly, only 36% of adults in the United States have an estate plan.
One of the reasons people have not put an estate plan in place is they do not have anyone they can feel they can select as their Executor, Trustee, or Power of Attorney. Individuals who serve as an Executor, Trustee or Power of Attorney need to be responsible, reliable and honest. The lack of a responsible, reliable and honest person or persons to serve as the Executor, Trustee and Power of Attorney can be a huge issue for someone who wants to put an estate plan in place, but because they are single, have no children or family members, married with no children, or may not feel comfortable asking a friend to serve as an Executor, Trustee or Power of Attorney of their estate, they may feel they have no solution to having an estate plan in place due to a lack of someone to serve as Executor, Trustee or Power of Attorney. A solution to the problem is to use a bonded representative to serve as your Executor, Trustee or Power of Attorney. A bonded representative is an individual who is insured by a bonding company, which means if any assets or funds are misappropriated, the bonding company will replace the assets or funds similar to your homeowners or automobile insurance. Many times this individual may be an attorney or other experienced professional, as they are familiar with and well-versed in the requirements needed in order to serve as an Executor, Trustee or Power of Attorney. In order to be bonded, an individual must submit an application and supply information about their background, finances and criminal record to the bonding company to make sure the individual is responsible, reliable and honest before the bonding company will agree to insure them. Once the individual has passed the underwriting phase and pays the required premium, the individual would then be considered bonded. The advantages of having a bonded individual to serve as your Executor, Trustee or Power of Attorney is not only do you get a knowledgeable individual to take care of your business, trust or estate, you also get the added peace of mind that the individual you have selected as your Executor, Trustee, or Power of Attorney has insurance behind them protecting your assets. This means your assets will be protected while your Power of Attorney is handling your affairs due to incapacity, illness or injury. Your heirs and beneficiaries are also protected and can be assured they will receive their inheritance or bequest from your estate or trust.
When it comes to your estate plan, you are never too old, you are never too young, but you can be too late. Do not let the lack of a qualified individual to serve as your Executor, Trustee or Power of Attorney prevent you from putting an estate plan into place so that your legacy and the future of your loved ones are protected. Using a bonded representative can be the solution you have been looking for to finally put your estate plan into place.