Finding the Right Fiduciary for Your Estate Planning Goals

When you consider the future and your estate, have you realized that a solid foundation is critical for a well written Florida estate plan? It is good to remember that your estate includes not only your wealth, for example: your home, retirement accounts and investments, but equally important it also includes your health and the plans you have for your legacy. You should be confident that with the assistance of your Florida estate planning attorney, you have created the best possible estate plan for yourself and your family. But, what would happen if you did not choose the right fiduciary? Your Florida estate plan may not reach the goals you had intended.

To begin, what exactly is the role of the fiduciary in your Florida estate plan? The fiduciary is the individual you choose to work with your Florida attorney to be sure that your plans are put into action. Selecting a good fiduciary is not difficult, but keep in mind that it should not be a popularity contest within your family. Your fiduciary will have an important role and must have the skills to accomplish your goals.

In addition, your fiduciary will be able to help you manage your wealth, invest wisely and reduce waste and costs. Your fiduciary will also help your estate focus on your legacy goals. In fact, a competent fiduciary can protect what you have now, and even continue to build it when he or she takes over. As you can see, it is critical to find a good fiduciary to take over at a time when you cannot act for yourself.

Now that you know you need to find a good fiduciary, how do you identify someone? Are there certain characteristics and traits you should look for? In the following, we would like to share some important considerations with you including:

    • -Knows personal financial planning goals
    • -Posses significant management and investment experience
    • -Experienced in your specific type of assets
    • -Able to generate reports, accountings, and management assessments
    • -Understands tax planning and charitable planning goals
    • -Can be bonded, if needed
    • -Is available to act when called upon to do so
    • -If requested, can provide tax and retirement planning help
    • -Will manage at a set cost that does not sporadically change
    • -Will stick to your trust’s legacy planning goals
    -Understands the value of working with your estate planning attorney

Now be aware that the above are just a few of the important considerations that need to be made when you begin to think about who should act as the fiduciary of your Florida estate plan.

In addition to choosing the fiduciary who will handle the management of your Florida estate, it is also important to consider the decision maker you want in charge of your health care and day to day needs. Your experienced Florida estate planning attorney will be able to discuss the distinctions, as well as the planning concepts, with you in your meetings.

We know this article may raise more questions than it answers. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.