What is a Professional Fiduciary?

To put it simply, a professional fiduciary is someone in a position of trust and confidence with the power and obligation to act for another person.

When you create an estate plan, you select certain individuals to serve in various fiduciary roles including trustee, executor, agent under a power of attorney, and health care agent.

Most people burden a family member or friend with these jobs; often resulting in unintended consequences such as conflict, mismanagement of assets, abuse of authority, and waste.

In today’s increasingly complex world, serving as someone’s fiduciary can be an onerous task and an obligation not to be taken lightly.  It essential to guarantee that you select someone who has the knowledge, expertise and skill to carry out your wishes.

A professional fiduciary is someone you retain to carry out your wishes and serve as your trustee, executor, agent, and in some cases, your health care agent.  They have the training and experience to carry out your wishes, and prevent many of the issues that may arise when selecting a family or friend.

The number of lawsuits continues to increase at an alarming rate every year. As with most things, prevention is the best medicine when it comes to your estate and protecting your loved ones.  It also saves you a lot of time, money, and heartache.

If you have invested the time and money in a comprehensive estate plan, then guarantee the right person is in place to execute that plan when the time comes.