Picking Estate Fiduciaries
A fiduciary is someone who monitors assets for you, with your best interests in mind. This may be a
financial institution, a property management company or a trustee. Fiduciaries are not only an
important part of life; they are also essential during your disability and after your death. During the
estate planning process, you must take care when choosing your attorney-in-fact, health care agent,
successor trustee, or estate executor.
Every fiduciary that you name must be loyal to you and to your heirs. You are placing a great deal of
responsibility into the hands of your chosen agent, and you must be sure that person will act honestly in
all actions. It is against the law for any fiduciary to use your assets for his or her gain.
You must also choose a fiduciary you and your family can rely on. Your agent must have the time and
willingness to handle the matters you have asked of him or her. Your family must be able to count on
the chosen fiduciary completing all assigned duties.
Good with Finances
Your selected advocate must be organized and able to manage finances. The most complicated of
fiduciary duties revolve around managing your financial assets if you become disabled as well as after
your death. An estate executor or successor trustee must handle every single asset and debt that you
have. This process requires organization and attention to detail.
Your fiduciary may have to work with family members who are in disagreement over the state of your
final affairs. Pick a fiduciary that can remain emotionally and intellectually apart from issues and make
reasonable, rather than emotional, decisions. The ability to deal with and put aside family arguments
after the death of a loved one is perhaps the hardest duty your fiduciary will face. Choose someone who
has the strength to accomplish this feat.
Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and
business planning resources to residents of Seattle WA. To learn more about these free resources,
please visit http://www.byrdgarrett.com today.