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.