A key component of any well written estate plan is to consider the future of your estate. Your estate includes not only your wealth, such as your home and retirement accounts and investments, but also your health and plans you have in place for your legacy. You may create the best possible estate plan for your personal situation with your attorney but, if you do not have the right fiduciary in place, your plan may fail.
The fiduciary role in your estate plan is the individual you choose to work with your attorney to put your plans into action. Identifying a good fiduciary does not have to be difficult, but it also should not necessarily be a popularity contest within your family. The fiduciary you choose has an important role and needs to possess the skills to accomplish your goals.
This should be an individual who can help you manage your wealth, invest wisely, reduce waste and costs, as well as helping your estate focus on your legacy goals. While you may think this only applies to the super rich, it does not. The right fiduciary can protect what you have now, and even grow it when they take over. Finding a good fiduciary to take over at a time when you cannot act for yourself is critical.
How do you identify the right person for you? What characteristics and traits should you seek out? Let us share a few key considerations with you including, but not limited to, the following:
• Understands personal financial planning goals
• Significant management and investment experience
• Has experiences in your specific type of assets
• Can generate reports, accountings, and management assessments
• Has an understanding of tax planning and charitable planning goals
• Can be bonded, if needed
• Is available to act when called upon to do so
• Can provide tax and retirement planning help, if requested
• Is able to manage at a set cost that does not sporadically change
• Can adhere to trust’s legacy planning goals
• Understands the value in working with your estate planning attorney
These are just a few of the careful considerations that need to be made when you begin to consider who should act as a fiduciary of your estate plan.
Keep in mind, while the fiduciary addresses the management of your estate, it is important to also consider the decision maker you want to be in charge of your health care and day to day needs as well. This is a distinction, as well as a planning concept, your experienced Florida estate planning attorney will be able to discuss with you in your meetings.
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 you may have questions about this, and many other, elder care issues. At the Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.