4 Questions To Ask Yourself Before Choosing a Fiduciary
Estate planning can be daunting, especially when it comes to choosing who has the rights and ability to handle your affairs if you should become mentally infirm. Preparing a living will can help you decide these matters, including how to choose a fiduciary, or trustee, to control your assets. Before you choose this individual, however, there are a few questions you may want to ask yourself and discuss with your attorney beforehand.
1. Do I Require More Than One Trustee?
If you have many different duties as part of your living will, then you might consider appointing more than one fiduciary to spread these functions out. For example, if you have real estate and multiple bank accounts, then choosing more than one fiduciary can lighten the load for each. This can also be an important question if you are wary of placing complete control of your assets in the hands of one person, no matter how much you may trust them otherwise.
2. What Are My Needs and Desires?
Choosing a fiduciary that is willing and able to meet all your requests and needs can be vital to securing a stable future. As you create a living will and consider your trustee, ask yourself what your directives will entail if you must be placed on life support or if you become brain dead. Your fiduciary must be able to carry out your wishes and provide you with the kind of medical care your current assets can provide.
3. Which Individuals Might Work Well Together?
If you are considering more than one fiduciary, it is important to pair individuals who will work well together and serve in your best interests as a team. For example, sisters or other siblings who have always gotten along well and have similar views and values concerning your assets may be a good choice. Considering choosing two people who live in your area so one or both does not have to constantly travel while fulfilling their fiduciary duties.
4. What About a Professional Trustee?
If you do not have children or other family members who can devote their time to fiduciary responsibilities, then you might want to hire an attorney to serve in this capacity. There are several benefits to this choice, including the experience many attorneys have in this area and that they are more likely to have an objective outlook when it comes to your financial needs.
Choosing a fiduciary can be a difficult decision, so it is important to consider a few important questions before making your final choice. Call an estate planning lawyer in Melbourne, FL today for more information and to gain peace of mind concerning your estate and assets.
Contact the The Law Offices of Arcadier, Biggie & Wood for insight into estate planning and choosing a fiduciary.