Fiduciaries: An Overview

When it comes to financial matters we need several people we can trust to act in our best interest. These people include friends, relatives and professionals. In legal language, such people are called fiduciaries.

A fiduciary can be a person or institution that you trust would act in your best interest when you need help. Fiduciaries can include attorneys, bankers, business advisers, mortgage brokers, real estate agents etc.

When you plan your estate, youll need to name several fiduciaries. Your attorney can advise you how to choose the following fiduciaries from among your acquaintances, friends and relatives.

Personal Representative/Executor This person will look after your Estate according to the directives you have written in your Last Will and Testament. You can name more than one person or even an institution like a bank as your Executor.

Trustee Also known as a Successor Trustee, this person looks after the work of your Trust after your death, or if you cannot look after the Trust yourself due to illness or disability.

Health Care Agent/Surrogate This person will make decisions about your medical issues as you have written in your Advance Medical Directive or your Durable Healthcare Power of Attorney. You cannot name an institution as your Health Care Agent.

Attorney in Fact/Power of Attorney This person will make financial decisions on your behalf according to your Financial Power of Attorney. You can name more than one person or even an institution as your Attorney in Fact.

Preneed Guardian This person looks after your needs and property if you become mentally ill.
Guardian for Minor Children This person looks after your minor children in case both you and the childrens other parent pass away.

Often, people name one person, like a spouse or their children, to fulfill multiple fiduciary roles. No matter who you name as your primary fiduciary, youll also want to name a secondary fiduciary just in case your first choice is unavailable. Your attorney is the best person to guide you through the process of naming your fiduciaries.

About the Author:
Mark S. Eghrari and Associates PLLC is a leading provider of expert estate planning guidance in Long Island, NY. To learn more about fiduciaries and other estate planning services, visit our website.

Article Originally Published On: http://www.articlesnatch.com

Tags: estate planning

, fiduciaries

, tax

, will

, elder law

Related....

Videos...

Recent Legal Articles

Uk Rejects Appeal On Student Visa Curbs By: Terry Chawla | May 31st 2012 - Non-European Countries are rich in competence and talent but lack infrastructure to nurture the talent. Hence the brighter and the affluent ones seem to be moving to some European cou ...

Canada

Canada Updates

Canada Immigration visa

Artificially High Readings And False Positives In Florida Dui Cases By: magicmichael2 | May 31st 2012 - The design of the Intoxilyzer 8000 is designed to prevent common occurrences from producing an inaccurate result. One of several issues frequently raised is the problem of mouth alco ...

Florida DUI

Broward County DUI Attorney

DUI Attorney

Top 3 Reasons Why You Need A Professional Injury Lawyer By: Johnny Lowery | May 31st 2012 - Accidents are unpredictable so it is important to hire a professional San Diego injury lawyer to fight for your case. In fact the professional injury lawyer should be contacted at the ...

Brain injury lawyer San Diego

Truck accident lawyer San Diego

Dog bite lawyer San Diego

Injury attorney San Diego

Injury lawyer San Diego

Immigrants Wailing Fails To Defend Backlogged Applications By: Terry Chawla | May 31st 2012 - Government has already backlogged more than 2, 80,000 skilled worker applications, as per which many of the skilled workers have lost all their hopes of settling and working in Canada ...

Canada

Canada Updates

Canada Immigration visa

Canada Immi

A More In-depth Study Of Security Companies In Bristol By: NicoleWhitehouse | May 31st 2012 - Operating a business in Bristol entails creating proper security measures. This article covers the importance of security in addition to services offered by security companies.
...

security companies

event security Bristol

Finding Legal Fees Too Expensive? Try Affordable Legal Advice By Phone By: Logan Storey | May 31st 2012 - Most people struggle to afford a solicitor in times of need. Even the simplest of legal issues invariably cost substantial sums in fees just for initial advice. Taking legal advice ov ...

Legal advice by phone

legal advice

cheap legal advice

Justice Secretary Defends The "��secret Justice"�� Plans Saying Only Alternative To It Was Paying Mi By: infomesh | May 31st 2012 - Justice Secretary Ken Clarke who had reversed the decision on closed door proceedings in sensitive inquests has defended the secret justice plans saying some compensation cases ...

criminal lawyers

solicitors london

legal aid law experts

Electronic Discovery By: IshanGoradiya | May 31st 2012 - The method by which electronic data is searched, identified, processed and saved for the purpose of creation of evidence to facilitate the process of a court hearing is termed as E-Di ...

electronic discovery

electronic data discovery

electronic di

Hire The Perfect Injury Lawyer By: Bill Parkar | May 31st 2012 - Seeking the help of an Injury attorney or lawyer helps you to get justice. Read this article to know more.

Top Dallas Injury Lawyer

Top Dallas Injury Attorney

Top Da

Important Information To Consider About A Denture Cream Lawsuit By: sansarsnv | May 31st 2012 - There are hundreds of questions you may be thinking about asking a specially trained denture adhesive lawsuit lawyer. Here you can find information about the issue, and five question ...

Denture cream lawsuit

denture adhesive lawsuit

Comments

Still can't find what you are looking for? Search for it!

Site Navigation: