Who’s Who in a Will

Everything you need to know about the key players in your will

Estate planning may sound intimidating, but it’s essentially about putting your wishes on paper so your family isn’t left guessing. One of the most important parts of the process is naming key parties in your will to take on different roles to make sure things go smoothly. Let’s break down who’s who and what they do, so you can appoint the right people to protect your future and your family.

Key Roles in a Will

• Testator: The testator is the person creating the will—that’s you. You sign and formalize the document. The one stipulation is that you be of adult age (18+ in most states) and of sound mind when you sign the will, with witnesses present to confirm that you’re not under duress when signing.

  
  

• Witness: The appointed witnesses sign the will to confirm it was executed true to the testator’s (your) wishes, and precisely is their last will and testament. Importantly, witnesses can’t be beneficiaries in the will. You’ll typically need two witnesses who aren’t receiving anything from your estate.

• Executor (aka Personal Representative): The executor is your MVP—the person who makes sure the will is followed. They are appointed by the court, and tasked with carrying out the terms of the document. Their responsibilities include managing your assets, paying outstanding claims or debts, and distributing what’s left to your beneficiaries. If your estate is large and complex, consider naming a professional executor. It’s a tough job, and you want someone with experience and a cool head.

• Guardians: If you have minor children, naming a guardian is one of the most important parts of your will. This person will be appointed within the will as the designated caregivers if both parents become deceased. Choose someone (or multiple people) you trust who shares your values—and make sure they’re on board with the responsibility of providing guardianship to the children until they are of legal age. 

• Beneficiaries: Beneficiaries are the people (or organizations) inheriting your designated assets and property outlined in the will. They can be family members, friends, charities, businesses, or even your beloved pet (with some legal maneuvering). Be specific about how you want your assets, monetary or otherwise, distributed to avoid confusion or conflict.

• Financial Power of Attorney: A financial power of attorney (POA) is a family member or professional designated to step in to manage your financial decisions, make payments, and manage assets in the event that you are alive but unable to make decisions for yourself. This can include paying bills, handling investments, and managing property. You can choose a family member, trusted friend, or a professional to fill this role.

• Healthcare Power of Attorney: A healthcare power of attorney is your go-to person, referred to as an agent, for making medical decisions if you can’t speak for yourself. They have the authority to make medical decisions on your behalf if you are still living and physically or mentally unable to represent yourself. This includes everything from routine medical care up to life support and end-of-life care, unless alternatively specified in a living will. 

• Estate Planner: The professional representative (often an attorney) who is your guide through the estate planning process. They evaluate your needs, help you define your goals, name the right people for each role, and draft a legally enforceable plan for the distribution of assets and property. Think of them as the architect of your estate plan, turning your wishes into a solid structure. They are there to assist you in protecting your family, loved ones, and estate after you pass away by naming the key players listed above, and then developing your wishes into a legal and enforceable document. 

Ready to Plan for the Future?

Estate planning is most effective when it’s done before a crisis. The attorneys at Anselmo & Wojcicki, LLP are here to help you design a plan that reflects your wishes and protects your loved ones. Contact us to get started today!

About Anselmo & Wojcicki, LLP

Anselmo & Wojcicki, LLP is a multi-disciplinary law practice based in Schaumburg, Illinois, specializing in real estate, estate planning, tax planning, business formation, and the sale and purchase of businesses. Our commitment to our clients and our values set us apart from the crowd. Our team of legal specialists has a wealth of experience and expertise to help you meet your legal needs. We are dedicated to providing quality service and building lasting relationships with our clients.