Choosing the Right Fiduciary for You and Your Estate Plan

When you create a will or trust, one of the most important decisions you'll make isn't about who gets what — it's about who's in charge of making sure your wishes are carried out. That person is your fiduciary: a personal representative (or executor), trustee, or agent under a power of attorney.

A fiduciary has a legal duty to act in the best interests of another, not their own. So how do you choose someone who will act in your best interests?

Trustworthiness.  Your fiduciary will have access to your assets and personal information and will be making decisions on your behalf with regard to those assets. Integrity is paramount.

Organization.  The role involves paperwork, deadlines, and financial recordkeeping. A detail-oriented person can save you and your loved ones time, money, and stress.

Availability and proximity.  Settling an estate or administering a trust takes time. Someone local, or at least willing to travel, could make the process smoother.

Family dynamics.  If you're choosing between children or relatives, consider whether the appointment could create tension. A neutral third party, like a professional fiduciary or trust company, might be a better fit.

Ask first.  Serving as a fiduciary is a real responsibility. Before naming someone, consider having a conversation with them to make sure they're willing to take it on.

Naming a fiduciary isn't a formality — it's one of the most consequential choices in your estate plan. It is important to discuss the pros and cons of these appointments with your loved ones and professionals. In short, it is good practice to take the time to choose wisely, and revisit your choice as life circumstances change.