Selecting the best fiduciary for your estate plan is a critical decision that should be made with careful consideration. A fiduciary is a person or entity that is appointed to manage your assets and affairs in the event that you are no longer able to do so yourself. Here are some tips to help you select the best fiduciary for your estate plan:
1. Identify your needs: The first step in selecting a fiduciary is to identify your needs. Consider the complexity of your estate, the type of assets you have, and the level of control you want your fiduciary to have.
2. Consider your options: You have several options when it comes to selecting a fiduciary, including family members, friends, professional fiduciaries, and corporate fiduciaries. Each has its own advantages and disadvantages, so it’s important to consider which option is best for your unique situation.
3. Evaluate their experience and qualifications: Whether you choose a family member or a professional fiduciary, it’s important to evaluate their experience and qualifications. Look for someone who has experience managing assets similar to yours and who has the necessary training and certifications.
4. Check references: Don’t be afraid to ask for references from potential fiduciaries. This will give you an opportunity to speak with others who have worked with the fiduciary in the past and get a sense of their reputation.
5. Consider their communication style: Your fiduciary will need to communicate with your family members and other advisors on a regular basis. Consider whether their communication style aligns with your needs and preferences.
6. Review their fees: Fiduciaries charge fees for their services, so it’s important to understand how they are compensated and whether their fees are reasonable for the services they provide.
7. Update your estate plan: Once you’ve selected a fiduciary, make sure to update your estate plan to reflect your decision. This will ensure that your wishes are carried out according to your wishes and that your assets are managed in the way you intended.
If you would like to find out more about selecting the best executor and trustee for your estate plan, give us a call to set up an appointment. We can help you think through how to best select a fiduciary. Call us at 410-721-1660 or fill out our contact form and we will be in touch to get an appointment scheduled.