How to Select the Best Fiduciary for Your Estate Plan

Choosing the right fiduciary for your estate plan is an important decision that should be made carefully. A fiduciary is a person or entity who is entrusted with managing your assets and carrying out your wishes after you pass away. Here are some tips on how to select the best fiduciary for your estate plan:

1. Consider the role of a fiduciary: A fiduciary can be responsible for a wide range of tasks, from managing investments to distributing assets to beneficiaries. Make sure you have a clear understanding of the duties and responsibilities of a fiduciary before selecting one.

2. Evaluate potential candidates: Consider family members, friends, or professionals who have the skills and experience necessary to carry out your wishes. You can also consider appointing an institution, such as a bank or trust company, as your fiduciary.

3. Assess their trustworthiness: A fiduciary must act in your best interest and carry out your wishes. It’s important to choose someone who you trust to handle your assets and make decisions that align with your wishes.

4. Consider their availability: A fiduciary must be available to perform their duties when needed. Consider whether potential candidates have the time and availability to manage your estate effectively.

5. Review their track record: If you’re considering a professional fiduciary, review their track record and reputation. You can also ask for references or look for online reviews to ensure that the fiduciary has a history of acting in the best interest of their clients.

6. Consider the complexity of your estate: If your estate is complex, you may need a fiduciary with specialized skills or experience. Consider whether potential candidates have the necessary expertise to manage your estate effectively.

7. Seek professional advice: An estate planning attorney or financial advisor can provide guidance on selecting a fiduciary and ensure that your estate plan meets your goals and objectives.

In conclusion, selecting the right fiduciary for your estate plan is a crucial decision that should be made after careful consideration of the candidate’s abilities, trustworthiness, availability, track record, and the complexity of your estate. Seek professional advice to ensure that your estate plan meets your objectives and is legally valid. Call Gregorek & Associates at 425-284-3450 or fill out our contact form and we will be in touch to schedule a meeting.