How the Right Fiduciary Can Help You Reach Your Estate Planning Goals

March 16, 2023
Brad Galbraith, Esq.

Are you working toward creating an estate plan? Were you aware that it is important that you have the right fiduciary to help you reach your estate planning goals? What does a  fiduciary do?  In your estate plan the fiduciary is the individual you choose to work with your estate planning attorney to put your plans into action should you be unable to. We understand these challenges when we work with clients in the states of Florida, North Carolina, and Indiana where we have offices ready and available to serve you. It does not have to be difficult to choose a good fiduciary, but keep in mind that it does not necessarily have to be your best friend or favorite family member.  The role of your fiduciary is very important and this person needs to possess the skills to accomplish your goals.

What are some of the key parts of your estate plan that you should consider when thinking about the choice of a fiduciary?  For example, your estate includes your wealth, like your home, bank accounts and investments, your health and all your plans you have for your legacy.  Even when you create the best possible estate plan with your estate planning attorney, your plan could possibly fail if you do not have the right fiduciary, who is a key component of your estate, in place.

Your fiduciary should be able to help you manage your wealth, invest wisely, reduce waste and costs, and help your estate focus on your legacy goals. It is important that you know that this does not only apply to the super rich. The right fiduciary is able to protect what you have now, and even enable it to grow when he or she takes over.  It is critical for you to find a good fiduciary to take over at a time when you cannot act for yourself.

But, again, how do you identify the right fiduciary? We would like to share a few key questions that need to be asked when you begin to consider who should act as the fiduciary of your estate plan including, but not limited to, the following:

  • Does this person understand your personal financial planning goals?
  • Does this person have significant management and investment experience?
  • Does this person have experience in your specific type of assets?
  • Would this person be able to generate reports, accountings, and management assessments?
  • Does this person have an understanding of tax planning and charitable planning goals?
  • If needed, can this person be bonded?
  • Is this person available to act when called upon to do so?
  • Would this person be able to provide tax and retirement planning help, if requested?
  • Is this person able to manage at a set cost that does not occasionally change?
  • Is this person able to adhere to the trust’s legacy planning goals?
  • Does this person understands the value in working with your Florida, North Carolina, or Indiana estate planning attorney

In addition, while the fiduciary addresses the management of your estate, it is important to also consider the trusted person you want to be in charge of your health care and day to day needs as well. Your experienced estate planning attorney will be able to discuss with you the distinctions between these responsibilities as you meet and plan together. We are available for consultation to address your specific legal needs in the states of Florida, North Carolina, and Indiana.

We know this can be a challenging part of the planning process and are here to assist you. As experienced estate planning attorneys we work with individuals and families just like yours to help them find solutions and create the legacy they want. We encourage you to contact us to schedule a meeting to discuss your goals.

We know this blog may raise more questions than it answers. For more information about this or other planning options and how they might work for you and your family, please call our office to schedule a time to discuss this. Bear in mind, when choosing an attorney, it is important to find a legal professional who specializes in your specific legal needs. As a law firm that serves our clients in three states, we understand the unique challenges that state laws can pose. We are here to help you now, and in the future in the states of Florida, North Carolina, and Indiana.

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