By Daniel P. Felix

We get to select people who will act for us when we can’t.

We can pick who will care for us if we become disabled.   We can also chose who we want to make sure our affairs are handled the way we want after we die.

These people are called “successor trustees” and “power of attorney holders”.

Ideally, you want them ready to step in as soon as you need them.

But how do they get ready?   Just by reading a document written in legalese? Do they understand it?  And what about all the things that the document just can’t address – where everything is, logistics on what to do and how to do it – and the bigger issues of communication and collaboration with the rest of your family and advisors?

One of the simple and effective first steps you can take to get them ready is to tell them where you’re at and what you want.

Here’s a survey that helps set the foundation for those discussions.

It’s a survey for your successor trustee.   (There’s a similar, though different set of questions for those holding your powers of attorney.)

Survey For Those Seeking a Successor Trustee

Circle the appropriate answer and add any explanations or comments on the back:

All my documents (trust, will, powers of attorney, ethical will) are current.  Yes No Don’t Know

I understand what all of my documents say, especially who is to do what when. Yes No Don’t Know

My family, my beneficiary and all my power holders each know what the documents say and who is to do what when.           Yes No Don’t Know

My trust will care for me during any disability I may suffer. Yes No Don’t Know

My trust will continue for some time after my death and will not distribute right away. Yes No Don’t Know

I have both long-term care and life insurance. Yes No Don’t Know

Check all that apply:

Here’s what else remains to be done for my successor to most efficiently step in:

Organize, including my list of passwords, financial accounts, insurance…

Bring a health care manager up to speed when it’s time.

Plan around my social, personal, intellectual, spiritual assets.

Other:______________________________________________________

I think my successor will have some challenges in dealing with:

My family/beneficiaries – incl. blended family, black sheep.

My other trusted advisors & fiduciaries.

My office/business.

Management of my real estate and other special assets.

Other:______________________________________________________

MY PRIORITIES: Rate on a scale of 1-5 (5 being the highest or most interested and 1 being the lowest or least interested)

My being taken care of when I can’t take care of me    5       4       3     2       1

My family/beneficiary thriving after me                          5       4       3     2       1

A smooth transition for me and my estate                     5       4       3     2       1

Continuing my ideas, values or memory                        5       4       3     2       1

Taking care of causes & organizations I care about       5       4       3     2       1

Other:______________________________________________________

My biggest concern is: _____________________________________________

A .pdf copy of this survey is available here.