Seven Considerations When Selecting a Fiduciary in My Estate Plan

Selecting the right fiduciary for your estate plan is a crucial decision that requires careful consideration. A fiduciary is someone who has the legal authority to manage your assets and make decisions on your behalf when you are unable to do so, such as in the case of incapacity or death. Here are some tips on how to select the best fiduciary for your estate plan:

1. Identify your needs: Think about what you want your fiduciary to do for you. Do you need someone to manage your assets, pay bills, or make healthcare decisions on your behalf? Knowing your needs will help you identify the type of fiduciary you need.

2. Consider their qualifications: Look for someone who is experienced and knowledgeable in the area of estate planning. They should also have a good understanding of your financial situation and your wishes for your estate.

3. Evaluate their character: Choose someone who is trustworthy and has a reputation for honesty and integrity. Your fiduciary will have access to your assets and will be responsible for making important decisions on your behalf, so it’s important that you trust them completely.

4. Assess their availability: Consider whether the person you have in mind has the time to serve as your fiduciary. Will they be available when needed, and will they be able to fulfill their duties effectively?

5. Discuss your wishes: Before appointing someone as your fiduciary, talk to them about your wishes for your estate. Make sure they understand your goals and are willing to carry them out.

6. Consider backups: It’s always a good idea to have a backup fiduciary in case your first choice is unable to serve. Choose someone who is just as qualified and trustworthy as your primary fiduciary.

7. Seek professional advice: Consider seeking the advice of an estate planning attorney or financial advisor when selecting your fiduciary. They can help you evaluate your options and make an informed decision.

Overall, selecting the right fiduciary is an important part of your estate planning process. By following these tips, you can find someone who will manage your assets and make decisions on your behalf in a responsible and trustworthy manner.

We can help you think through how to best select a fiduciary. Call to set up an appointment; Call our office at 321-804-2915 or fill out our contact form and we will be in touch to schedule a meeting.