Choosing a Fiduciary Can Be Challenging

You might have questions about choosing a fiduciary. We encourage you to think about your choices. Maybe even discuss the idea(s) with family members and others. Wait. What are we talking about? That is, what is a fiduciary, and do I need one? “Fiduciary” encompasses the personal representative of your estate (we used to call them “executors”). The term also covers the agents you name in your powers of attorney (financial and health care). If you’ve established a trust, the successor trustees are also fiduciaries. The problem: being a fiduciary is not an easy job. And it’s not precisely an honor to be named. There is, however, a lot of opportunity for family discord. Choosing a fiduciary turns out to be quite a challenge. In this podcast episode, we discuss some of the choices. You can name a family member. If you are wealthy, a bank or trust company might be interested (but not in acting as your agent — either financial or health care). Perhaps other professionals in your life (your CPA, your financial planner, your lawyer) might be a good choice. Who knew that choosing a fiduciary was so difficult? We did. And we are eager to explain for you.