Choice of Fiduciaries

When you are creating an estate plan, you need to choose who you would like to act on your behalf if you become incapacitated or die. These are “fiduciaries,” who must represent your wishes with a duty of loyalty and care. Likewise, identify the persons to make medical and financial decisions for you if you are incapacitated and if you have minor children. This is your chance to take control. You also may select others to be trustees or custodians.

Choose your fiduciaries with great care and thought. They should be someone whom you trust absolutely, as well as being highly competent, with sound financial judgment and good business sense. It is helpful if the person also has knowledge of state and federal tax laws. A good choice may be your bank’s trust officer or your attorney. You can also name a family member as co-personal representative to act along with the professional to combine personal interests with professional expertise. Alternatively, you may choose your spouse or a friend, neighbor, or relative. However, as estate law has become more complicated, the responsibility of being a personal representative may create a burden on the person you choose. Be certain this person knows the responsibility and is willing to bear it so that your goals are met.

McManus Estate Planning LLC suggests you always know where your original estate planning documents are located. We do not retain original documents but for newer plans typically hold scanned copies. It’s a good idea to consider sharing a copy of your estate plan with your fiduciaries.

McManus Estate Planning LLC is devoted to the practice of estate planning law and practices only in this field. Our staff can help you set up a plan with a maximum of care and a minimum of stress.