What is a fiduciary?

Published On: Tuesday, March 13, 2018

A fiduciary is a person who is invested with rights and powers to be exercised for the benefit of another person such as an administrator of an estate, a trustee of a trust, a court appointed guardian, or an agent of a power of attorney. Choosing to designate the right person for these roles is essential. Some factors to consider when selecting who you would like to designate in a fiduciary role are:

Financial Aptitude: Is this person well-versed in handling financial matters and trustworthy with these types of responsibility?

Geographic Consideration: It is often easier if the person filling a fiduciary role lives nearby.

Healthcare & Privacy: Do you trust this person to know in advance your wishes for healthcare administration?

Trustworthiness: Above all you want to choose someone that you know to be honest and trustworthy.

Another option to consider is that of a corporate fiduciary. This may be necessary if there are not any family members willing or capable of serving.

 A corporate fiduciary may be more expensive and provide more formality; however, when there are vast assets, this provides better structure and is worth the added expense.  

Call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planning Attorneys to learn more about Estate or Elder Law and how we can help you.

To learn more or get started on your estate plan, just schedule a time to visit us for a no obligation complimentary consultation.

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Post Author

Stouffer Legal

Britt Stouffer, Estate and Elder Law Attorney in Maryland

Towson, MD

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