Select an executor and attorney-in-fact
When creating a Last Will and Testament, you’ll need to choose at least one executor to distribute your assets, close your accounts, file your taxes, and wrap up your financial affairs after you pass away. If you and your spouse create Mirror Wills, the executor should be the same person for both documents.
Some couples choose to appoint each other as the executor of their Will. While you can name the same person as a beneficiary and executor in your Will, you should consider naming an alternate executor to prepare for the possibility of your spouse predeceasing you.
Another important step in estate planning is appointing an attorney-in-fact with a Power of Attorney. An attorney-in-fact has the authority to manage your legal and financial affairs if you’re absent or incapacitated. Some situations may not allow your spouse to make legal or financial decisions for you but you can guarantee their authority over your affairs by creating a Power of Attorney.