Each Estate Planning Document has a person(s) who is in charge of carrying out the terms of that particular document.
Each Estate Planning document designates someone who is responsible for carrying out the wishes set forth in the Estate Planning document.
Under Pennsylvania law, the proper terms for these persons are “fiduciaries” and I refer to these people – those in charge – as the “Bosses.”
Pa Estate Law – 4 – Fiduciaries – Terms
Under Pennsylvania law, the proper terms for the bosses are:
- Agent (under a Power of Attorney)
- Surrogate (under an Advance Directive for Health Care – “Living Will”),
- Executor (under a Will),
- Trustee (under a Trust).
Although a technical knowledge of these terms can be useful, it is not the point of this article. The focus is to illustrate that an Agent, a Surrogate, an Executor, and a Trustee are just the bosses of that respective Estate Planning document.