In your estate, a fiduciary has important legal responsibilities that must be addressed with the utmost level of care. Finding the right fiduciary is extremely important for protecting your interests and wishes.
A fiduciary has to provide the highest level and standard of care, not just because this is required by the law, but because the person establishing a fiduciary in a position of trust needs loyalty and honesty.
Fiduciaries might play multiple roles in a person’s life and estate. Common examples of people who serve as fiduciaries are bankers, attorneys, accountants, financial advisers, real estate agents, and business advisers. They must act in the best interests of the beneficiaries of a trust or estate.
A fiduciary can include a trustee, a guardian for your minor children, a personal representative or executor, or a surrogate/healthcare agent. Your lawyer also has some level of fiduciary responsibility in managing or helping with your affairs, too.
Since people in all of these roles can have a significant impact on your life or on the management of your estate, it is key to feel confident with your choice.
Most people want their estate to be transferred as painlessly as possible for their heirs. Choosing the right fiduciary is part of that conversation. Since your heirs might need to interact with the fiduciary like a trustee on a regular basis, you want someone that you not only trust but who can easily work with your loved ones and maintain open lines of communication and trust.