Picking Estate Fiduciaries

A fiduciary is someone who monitors assets for you, with your best interests in mind. This may be a financial institution, a property management company or a trustee. Fiduciaries are not only an important part of life; they are also essential during your disability and after your death. During the estate planning process, you must take care when choosing your attorney-in-fact, health care agent, successor trustee, or estate executor.

Loyalty

Every fiduciary that you name must be loyal to you and to your heirs. You are placing a great deal of responsibility into the hands of your chosen agent, and you must be sure that person will act honestly in all actions. It is against the law for any fiduciary to use your assets for his or her gain.

Reliable

You must also choose a fiduciary you and your family can rely on. Your agent must have the time and willingness to handle the matters you have asked of him or her. Your family must be able to count on the chosen fiduciary completing all assigned duties.

Good with Finances

Your selected advocate must be organized and able to manage finances. The most complicated of fiduciary duties revolve around managing your financial assets if you become disabled as well as after your death. An estate executor or successor trustee must handle every single asset and debt that you have. This process requires organization and attention to detail.

Reasonable

Your fiduciary may have to work with family members who are in disagreement over the state of your final affairs. Pick a fiduciary that can remain emotionally and intellectually apart from issues and make reasonable, rather than emotional, decisions. The ability to deal with and put aside family arguments after the death of a loved one is perhaps the hardest duty your fiduciary will face. Choose someone who has the strength to accomplish this feat.

Tips in Making a Family Tree for Your Estate Plan   Retirement Planning: It's About More Than Just Finances   Preparing and Writing Your Own Living Will   How to Include Your Pets in Your Estate Plan   Planning For Your Personal Effects