Selecting Your Fiduciaries: Five Considerations
Selecting a fiduciary is an important decision when creating an estate plan. A fiduciary is a person or institution that is appointed to manage your assets and make decisions on your behalf if you become incapacitated or pass away. Here are some steps to help you select the best fiduciary for your estate plan:
1. Determine Your Needs: Consider the complexity of your estate and the level of management required. If you have a large estate with complex assets, you may need to appoint a professional fiduciary, such as an attorney, trust company or bank. However, if your estate is smaller and simpler, you may be able to appoint a family member or friend.
2. Evaluate Your Options: Consider potential fiduciaries based on their experience, trustworthiness, and availability. Look for someone who has experience managing finances and has a good track record. It is also important to select someone who is principled, ethical, responsible, and will act in your best interests. Finally, consider their availability to manage your affairs.
3. List Several Successor Fiduciaries: This will provide backup options in case one fiduciary becomes unavailable.
4. Communicate Your Wishes: Make sure to communicate your wishes to your chosen fiduciary. Discuss your goals and expectations for managing your estate. Provide them with the necessary information and documentation, such as account information and legal documents, to manage your affairs effectively. Write it down!
5. Review and Update: As your circumstances change over time, review your estate plan periodically and update your fiduciary appointments as necessary. We recommend enrolling in a yearly maintenance program.
Remember, selecting a fiduciary is an important decision, and you should carefully consider your options before making a final decision. A qualified estate planning attorney can help guide you through the process and ensure your estate plan is structured to meet your needs.
Work with an Experienced Virginia Estate Planning Attorney
If you would like to ensure that you have selected the appropriate fiduciaries, we are here to help. Contact Wilson Law PLC today at 866-603-5976 to set up a meeting or fill out our contact form and we will call you to schedule your meeting.