Many people choose to name trusted friends or family members as fiduciaries in their estate planning documents. However, this can be a mistake.
Fiduciaries are responsible for carrying out a variety of tasks that require special attention to detail. They are also given guidance by law and their estate planning documents. Learn more about guidelines on choosing fiduciaries.
1. Look for someone with the right skills
A professional fiduciary is used to handling all elements of trust and estate administration on a regular basis. They are also generally well-equipped to handle unforeseen challenges that may arise.
Additionally, a professional fiduciary should be able to work with beneficiaries in a reasonable manner, which can help minimize disagreements and avoid costly litigation. There are many different fiduciary roles that can be included in an estate plan, such as a Personal Representative, Trustee, Guardian and/or Conservator, and Attorney-in-Fact. Each role comes with … Read the rest