Whether you are thinking of creating a will, a trust, or powers of attorney for your health and wealth, choosing the right fiduciary to serve in these roles for your estate is an important decision that requires careful consideration. A fiduciary is a fancy word for a manager, each with a specific title depending on their duties. For example, a Successor Trust if you have a trust, an Executor if you have a Will, an Attorney-in-Fact under your Durable Power of Attorney, and your Healthcare Agent. All these roles are needed to manage your affairs during your lifetime if needed, and certainly, after your death, ensuring that your assets are distributed according to your wishes. They would be responsible for administering legal issues and paying legitimate debts. Zaremba Center Estate Planning & Elder Law is a boutique law firm in Williamsburg, Virginia, that has dedicated its practice to estate planning and elder law. Their clients boast about their years of experience helping people form estate plans. Here are some tips on choosing the right fiduciary for all aspects of your estate planning. Contact us today!
Choose Someone You Trust
First and foremost, you should choose someone you trust. This person will have access to all of your financial and legal documents, so you want to be sure that they will act in your best interests. Additionally, they should be organized, responsible, and detail-oriented. The executor’s job can be complicated and time-consuming, so you want to be sure that they are capable of handling the responsibility.
Consider Their Location
Another important factor to consider when choosing an executor is their location. While it’s not strictly necessary for the executor to live close to you, it can be helpful if they are in the same state or country. This is because different regions often have different laws governing probate and estate administration. If your executor is located far away, it can create additional complications and delays in the process.
Consider the Executor’s Age
You should also consider the age and health of your potential executor. While it may seem like a good idea to choose a younger family member, this isn’t always the best option. You want to choose someone who is likely to outlive you and who will be able to handle the duties of executorship for many years to come. Conversely, you don’t want to choose someone who is elderly or in poor health, as they may not be able to handle the responsibilities of executorship.
Be On the Same Page
Once you have chosen a potential fiduciary, talking with them about the job requirements and their willingness to take on the responsibility is important. Being a fiduciary can be a significant commitment, so it’s important to be upfront about what you will ask them. If they agree to be your fiduciary, make sure they understand your wishes and know where to locate your important documents.
Seek Legal Advice
It’s always a good idea to seek the advice of a professional estate planning attorney in Williamsburg. They have an intimate understanding of estate law and can advise you on matters pertaining to your estate, including choosing candidates to be your estate’s fiduciaries. For example, a third-party fiduciary can be a good option if you have a complicated estate with many assets or think there may be conflicts between family members. Contact our estate planning lawyer today.
PARTNER WITH OUR WILLIAMSBURG ESTATE PLANNING ATTORNEY TODAY
Choosing the right fiduciaries for your estate is an important decision that should not be taken lightly. By choosing someone you trust, who is organized and responsible, and who is located nearby, you can ensure that your estate is managed according to your wishes. Remember to have an open conversation with your potential executor and to consider whether a third-party executor may be the best option for your situation. Consulting with an estate planning attorney can help determine the best course of action for your particular situation.
With years of experience, our estate planning lawyers in Williamsburg can help you with all your estate planning and elder law needs. Get in touch today!