How the Right Fiduciary Can Help You Reach Your Estate Planning Goals Estate Planning What is a fiduciary, and why is that person critical to success of your estate plan? When you consider your estate in the future, have you realized that a solid foundation is critical for a well written estate plan? Remember, your estate includes not only your wealth, such as your home, retirement accounts and investments, but equally important it also includes your health and the plans you have for your legacy. With the assistance of your Florida estate planning attorney, you can be confident that you have created the best possible estate plan for yourself and your family, but if you did not choose the right fiduciary to manage that plan, your estate plan may not reach the goals you had intended. What is the role of the fiduciary in your 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. Knowing you need to find a good fiduciary, how do you identify someone? Are there certain characteristics and traits you should look for? Here are some to consider: • Knows personal financial planning goals • Possesses significant management and investment experience • Experienced in your specific type of asset holdings • 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 trust’s legacy planning goals • Understands the value of working with your estate planning attorney The above are just a few of the important considerations to contemplate when you begin to consider who should act as the fiduciary of your estate plan. In addition to choosing the fiduciary who will handle the management of your 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 when you meet. Our estate planning law firm takes a very different approach from what you might have come to expect. Our goal is to create lifelong relationships with each of our clients, to guide and manage your legacy for the rest of your life. Please contact our offices in Stuart and in Palm City to learn more.
