One of the important tasks in creating a complete estate plan is selecting people (or financial institutions) to represent you, in case of incapacity or death. Most people think of naming an executor, but there are many more roles, advises the article “What to consider when appointing a fiduciary?” from The Ledger.
Here are the most common roles that an estate planning attorney will ask you to select a fiduciary:
The individuals or financial institutions who take on financial roles are considered fiduciaries or a fiduciary; that is, they have a legal duty to put your well-being first. Their responsibilities may include applying for government benefits, managing and invest your assets and income, deciding where you will live and working with your attorneys, financial advisors and accountants.
Many people name their spouse or eldest child to take on these roles. However, that’s not the only option. A few questions to consider before making this important decision include:
These are just a few of the questions to consider when choosing a fiduciary or health care agents in your estate plan. Speak with your estate planning attorney to help determine the best decision for you and your family.
Reference: The Ledger (Oct. 16, 2019) “What to consider when appointing a fiduciary?”
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