When putting your estate plan in place, one of the most critical decisions is naming the person or entity that will make your decisions when you can’t. Collectively, this role is a fiduciary.
The fiduciary is a person or entity who has a legal obligation to make decisions in your best interest. This would be the “agent” under a power of attorney. This would be the personal representative / executor under a last will. This would be the trustee under a trust.
The role requires many skills. Foremost is the ability to carry out your wishes in a manner that you have described in your documents.
While you are thinking through the selection process, it is important to know that the fiduciary has a “job” to do. It is work. It takes time and effort.
We are here to help you navigate this crucial decision. We are here to walk you through the pros and cons of selecting your son or daughter, selecting a trusted friend, or having a corporate fiduciary fill the role (such as a bank, trust company, CPA or law firm).
We want your selection of fiduciary work for you and your loved ones. Call us today to schedule your complimentary consultation with one of our estate planning attorneys.
Contributed by Morris Hall Carefree and Phoenix Estate Planning Attorney and Partner, West Hunsaker.
At Morris Hall, PLLC we have focused our legal practice on estate planning for over 45 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Green Valley, Prescott, Sedona, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- Dynasty Trusts - February 11, 2021
- Why Your Choice of Trustee Matters - January 19, 2021
- Nongrantor Trusts Can Be Very Useful in Certain Situations - February 19, 2019