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4 qualities of a good fiduciary over your estate

On Behalf of | Jul 22, 2023 | Fiduciary Representation |

When looking for a fiduciary to oversee your estate, there are several things to consider.

It is not a decision to take lightly, so looking for an individual or professional with four key qualities can improve your confidence that you made the right choice.

1. Trustworthy

You need confidence that the person executing your estate will honor your wishes and remain impartial in decision-making. Unless you choose to hire a professional for administration, consider a family member or friend where the history of your relationship includes trust.

2. Understanding

Whoever acts as your fiduciary when overseeing your estate may encounter difficult decisions. This individual needs to act with empathy and understanding when explaining the distribution of assets and executing the will. Your family members may want information about your decisions, putting the executor in an uncomfortable situation.

3. Knowledgeable

Your executor should understand the legal implications of your will and know the process for executing it. While your executor does not need a legal background, many people choose professional firms to oversee their assets after their death to prevent legal concerns. If you choose an executor without a legal background, you may consider bringing this person to any legal appointments where you discuss your will or estate.

4. Ethical

The individual who oversees your affairs gains access to your personal information. They see your wealth and assets, as well as know the details of your family. You need an individual who will keep this information in confidence.

Naming an executor over your estate is similar to naming a fiduciary. This person must demonstrate strong character if you want to rest assured that your will and final wishes are in good hands.