TIPS FOR CHOOSING THE RIGHT EXECUTOR OR TRUSTEE

June 18, 2018
Choosing the right executor or trustee

One of the most important decisions you'll make is picking the fiduciary designated in gathering and distributing your assets after you die or should you become incapacitated. That fiduciary will serve as either the executor of your will and/or the trustee of any trusts.

You want to select someone who is trustworthy and financially sophisticated without any type of conflict of interest. It is not considered a conflict of interest for the person to also inherit from your estate. You have the option to choose a trusted friend, advisor or family member as well as the option to pay for a neutral ‘corporate’ fiduciary. The corporate option may be best for larger estates with multiple beneficiaries or complex issues.

Think of making your selection as similar to choosing an employee. It is not about rewarding a friend or relative with these duties, or the compensation that accompanies the role. This person will have access to a lot of your personal information and will make some very important decisions while executing your wishes. You should have conversations with this individual about how you want your assets transferred, funeral/burial choices, and discuss any potential conflicts you may predict among your beneficiaries. These conversations will help this person carry out your desires. 

For more information about the options available for choosing a fiduciary, please contact Stouffer Legal at 443-470-3599.

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