In the estate planning process, you may have to pick multiple fiduciaries. A fiduciary is someone who has the power to act on your behalf if you pass away or are incapacitated. This could be a personal representative, a trustee or someone you appoint as a guardian of your children.
Do You Trust Your Choice?
Trust is one of the most important facets of choosing someone to be a fiduciary. No matter what the role is, this is a person that you are trusting to carry out your wishes when you can no longer voice them yourself. This person may be making financial and healthcare decisions for you if you are incapacitated. He or she may also be making decisions for your children. Make sure that it is a person that you can trust with the major decisions in your life and that you know would honor your wishes.
Does Your Choice Have Experience?
Experience can matter. When it comes to choosing a fiduciary, a lot of people choose someone that they know without thinking about the experience. If you want someone to make financial decisions for you or your beneficiaries, it helps if they have a position in accounting or some other financial career that may aid them in their role as your fiduciary. While a fiduciary doesn’t need to have experience, it can help in the long run.
Does Your Choice Have the Time?
To be a fiduciary in any capacity is a big responsibility. Whether you’re asking someone to be your representative, your trustee, a guardian for your children or a health care agent, you are asking him or her on a major role. This person is going to be the one to make certain financial or healthcare decisions for you. You want to ask someone responsible and that may have experience, but you also want someone who has time to take on the role. Do not pick someone who barely has any free time from work or the kids. You do not want to overwhelm your fiduciary.
When it comes to picking a person to act on your behalf, it has to be someone that you can completely trust. To find out more about how to choose a fiduciary, contact an estate planning lawyer as soon as possible.