How to Choose a Fiduciary

Fiduciaries are people who have a legal relationship with another person. This is a person who you appoint to act on your behalf in certain circumstances. For instance, if you are choosing the executor of your will, then you are choosing a fiduciary. When choosing someone, it is extremely important that you choose someone that you have confidence in and that you trust. While there are some fiduciaries who receive payment, this is not supposed to be a for-profit role. If you are trying to choose a fiduciary for your estate plan, here are some tips on how to choose.

Look for Someone Responsible

Your fiduciary has a lot of responsibility. Keep in mind that your fiduciary may be an executor, a trustee or an agent in a power of attorney. This is a person that has to carry on with your wishes one you can no longer do so. You want this person to be someone who is financially responsible and will have the time to handle all of your affairs. Keep in mind that handling your affairs after you pass can be difficult and time consuming. You want someone who is not only going to be able to focus on what they have to do, rather than grief, but also someone who is going to know when it’s okay to reach out and ask for help.

Look for Someone Who Lives Close

Your fiduciary should live close to you. This is not necessarily a requirement, but it does help keep the process smoothly running. It is better if you choose someone who lives close enough that he or she can still manage your property throughout the probate process, if you have a will. The same can be said for trustees. You want them to be close to the property that they have to manage.

Look for Someone With Conflict Resolution Skills

When a person passes, it can be a highly volatile time for the family and loved ones. People’s emotions may be on high and it is common for families to fight or have conflicts between one another. Your fiduciary should not have conflicts with any of your loved ones and should be able to resolve conflicts when he or she sees them.

When it comes to choosing a fiduciary, it is crucial that you remember that it is a huge role to fill. You do not want to simply choose the closest person to you or your most trusted friend. While trust is important, you also want to make sure that the person that you choose is responsible enough to handle the responsibilities and duties that you are appointing them. Consult with an estate planning lawyer in Roseville, CA for more information.

Thanks to Yee Law Group for their insight into estate planning and how to choose a fiduciary.