In an article written September 10, 2012, by Jeanne Skowronski of the Wall Street Journal, Ms. Skowronski writes about the importance of choosing the right trustee to serve as the fiduciary of your estate. Ms. Skowronski talks about four questions which she feels should be asked in deciding who should serve as fiduciary. She asks:
- How large and complex are the assets in the trust?
- Can anyone in your family do the job?
- How are the relationships between your beneficiaries?
- Have you explored other options?
Here at Hughes Estate Group, we emphasize the great importance of choosing the right individual or entity to serve as the fiduciary of a person's estate. We ask a series of questions in order to help you determine the best fiduciaries for your estate plan.
We feel there should be much more deliberation in determining who should serve than simply naming your first born child for example or even the child most able to handle finances. The relationships between siblings and many other issues also hold great bearing on who should be named as the individual or individuals to take care of your affairs at your incapacity or death. It is important to ask the right questions in deciding who should serve as trustee of your trust, or agent of your power of attorney, or personal representative of your will or estate.