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Who are key figures in your estate plan?

When creating and reviewing your estate plan, you should always keep several key parts in mind. They often include your assets and financial information, your key figures, and key components.

Key figures often hold particular importance. But who are these people, and what are their roles in your estate plan?


Forbes discusses ways to prioritize your estate plan review. Focusing on crucial areas first and foremost is a good way to do that. And of those areas, key figures hold a huge deal of importance.

The first type of key figure are beneficiaries. These individuals will benefit from your estate in some way after your death. Common examples of beneficiaries include family members, friends and loved ones that inherit money or property. Beneficiaries may also get listed on insurance policies or joint bank accounts. They might be your choice for receiving retirement funds, too.

Crucial role-holders

Crucial role-holders are the second type. These people play an active part in your end-of-life situation and even handle matters after your death in some cases. Two examples are your healthcare proxy and power of attorney.

The healthcare proxy handles medical matters in the event you become incapable of doing so. A power of attorney handles legal and financial affairs for you. Needless to say, it is crucial for you to share similar opinions and thoughts with these people. After all, they will work in your stead and should make the decisions you yourself would.

These figures may change over time. Thus, it is important to always ensure your estate plan reflects your current relationships.