Did You Know That Professional Fiduciaries Are An Option?
A fiduciary is a person or entity legally and ethically bound to act in the best interests of another party, placing that party's needs above their own, such as a family member. Not everyone has a family member or close friend who can take on the responsibility of being a fiduciary, but did you know there are professional fiduciaries who will take on these roles? This option is NOT for everyone, but it comes up often enough that I want to be sure you know it is AN OPTION if needed.
Choosing your fiduciaries is a crucial piece to estate planning. These trusted individuals will be responsible for making decisions regarding your affairs.
Key Fiduciary Roles
You have your attorney, named in your power of attorney, who will act on your behalf while you're alive to make financial and health care decisions.
There's of course your personal representative (aka executor) named in your last will and testament who manages your probate - collecting your assets, paying of your debts, handling final income tax filings, and giving your assets to whomever you said.
If your plan includes trusts - revocable living trusts, special needs trusts, children's trusts, marital trusts, bypass trusts - your trustee manages the trust's assets, following the directions you gave in the trust instrument.
But what if you don’t have someone to do the job?
Professional fiduciaries can be a great solution when:
Your beneficiaries are charities or busy individuals.
You want an experienced, impartial person to handle complex tasks and reduce stress for your loved ones.
While I don't personally offer this service, I have connections with various professionals in the community. If you're unsure who to name or want to learn more about the option of naming professional fiduciaries, I'm happy to provide additional information and make introductions if you need.
Schedule Your Consultation today and take the first step toward creating a complete estate plan that protects what matters most to you and your loved ones.
