Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Our Team
    • Morris Hall Core Values
    • Communities We Serve
      • Carefree
      • Chandler
      • Flagstaff
      • Mesa
      • Oro Valley
      • Phoenix
      • Prescott
      • Scottsdale
      • Sedona
      • Tucson
    • Career Opportunities
  • Estate Planning Services
    • Advanced Estate Planning
    • Asset Protection
    • Power of Attorney
    • Trust Administration and Probate
    • Wills and Trusts
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
      • Update My Living Trust
    • Reports
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

How to Appoint the Right Fiduciaries

March 14, 2023 by Morris Hall, PLLC

How to Appoint the Right Fiduciaries

A frequently overlooked (yet crucial) aspect of estate planning is the importance of choosing the right people for the fiduciary roles within your plan. The choices you make when appointing people to fiduciary roles can contribute to the success or failure of your estate plan. To help prevent you from making the wrong choices, a Tucson estate planning attorney at Morris Hall PLLC discusses how to appoint the right fiduciaries.

What Is a Fiduciary?

A fiduciary is a person who holds a legal or ethical relationship of trust with another person or a group of people. Put another way, a fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances that give rise to a relationship of trust and confidence. Furthermore, a fiduciary duty is the highest standard of care in equity or law. A fiduciary is expected to be extremely loyal to the person to whom he/she owes the duty and must not profit from the position as a fiduciary. A fiduciary can receive a fee for services; however, he/she should not profit at the expense of the other party.

Appoint Fiduciaries In Your Estate Plan

Although every estate plan is unique, your estate plan will likely require you to appoint more than one person to a fiduciary position, such as:

  • Executor. When you create your Will, you will be required to appoint an Executor who is responsible for overseeing the administration of your estate during the probate process.
  • Trustee. If you incorporate a trust agreement into your estate plan, you will need to appoint a Trustee. Your Trustee will manage and invest trust assets as well as administer the trust agreement using the terms you created.
  • Guardian. The only official opportunity you will have to nominate someone as a Guardian for your minor children if one is ever needed is found in your Will.
  • Agent in a Power of Attorney. When you create a POA you must appoint an Agent who will have the legal authority to act on your behalf in legal matters other than healthcare decisions.
  • Agent in an Advance Directive. If you create a health care power of attorney, you will need to appoint an Agent to make healthcare decisions for you if you are unable to make them yourself because of your incapacity.

How to Pick Your Fiduciaries

Appointing the wrong person to a fiduciary role is a common estate planning mistake. To keep you from making that mistake, consider the following five questions when considering someone for a fiduciary position:

  • Does he/she have the necessary skills/experience? Not all fiduciary roles require special skills, but some do. A Trustee, for example, should ideally have a legal and/or financial background.
  • Can the person be trusted? A fiduciary may need to make extremely important decisions and/or manage valuable assets. You must be able to trust a fiduciary unquestionably.
  • Does appointing this person create any conflicts?  There are numerous potential conflicts in an estate plan. For example, if your Trustee has an existing personal relationship with one beneficiary but not with the others, it can create a conflict.
  • Will this person be capable of fulfilling the role? Does the person live close enough? Will his/her job allow sufficient time to perform the duties required? Will the person be able to set aside emotions and think clearly when necessary?
  • Is this person willing to accept the job? Never assume that someone is willing to be your Executor, Trustee, Guardian, or Agent. Always ask them directly before appointing them.

Contact a Tucson Estate Planning Attorney

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about appointing the right fiduciaries in your estate plan, contact an experienced Tucson estate planning attorney at Morris Hall PLLC by calling 888-222-1328 to schedule your appointment today.

  • Author
  • Recent Posts
Morris Hall, PLLC
Morris Hall, PLLC
Company at Morris Hall, PLLC
For more than five decades, Morris Hall has been providing quality estate planning legal services for its clients seeking opportunities to preserve wealth and assets through estate preservation plans.

In fact, estate planning, asset preservation and probate law have been our only areas of practice. We are proud to have helped thousands of individuals of all levels of wealth and assets, people concerned about protecting their families from the devastating legal and financial effects of disability and death.
Morris Hall, PLLC
Latest posts by Morris Hall, PLLC (see all)
  • Why Do I Need an Estate Plan? - March 31, 2023
  • Protecting Your Assets from Marriage and Divorce - March 30, 2023
  • Getting Ready for Retirement: Top 10 Tips - March 29, 2023
MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer