How to Select a Fiduciary for My Estate Plan

Selecting a fiduciary (Executor and Trustee) is an important decision when creating an estate plan. A fiduciary is a person or institution that is appointed to act on behalf of someone else, typically in managing their assets or making decisions about their care. Here are some steps to consider when selecting the best fiduciary for your estate plan:

1. Identify your needs: Determine what type of fiduciary you need based on your individual circumstances. For example, if you have a complex estate with multiple properties and investments, you may need a professional trustee to manage your assets. On the other hand, if you have a simple estate with few assets, a family member or friend may be a suitable executor.

2. Consider the person’s qualifications: Look for someone who has the necessary skills and experience to manage your estate. If you are considering a family member or friend, make sure they are responsible, trustworthy, and willing to take on the role. If you are considering a professional fiduciary, make sure they are licensed, experienced, and have a good reputation.

3. Assess their availability: Consider the person’s availability and willingness to serve as your fiduciary. They should be able to devote enough time and attention to managing your estate and fulfilling their duties.

4. Discuss your expectations: It is important to have open and honest communication with your chosen fiduciary about your expectations, goals, and wishes for your estate. Make sure they understand your values and priorities so that they can make decisions in your best interests.

5. Plan for contingencies: Consider what would happen if your chosen fiduciary is unable or unwilling to serve. Make sure you have alternate fiduciaries in place to ensure that your estate plan can still be executed according to your wishes.

6. Get professional advice: Consider working with an estate planning attorney to help you select the best fiduciary for your estate plan. We can provide guidance and help you navigate the complex legal aspects of estate planning.