Selecting Your Fiduciary Agent

        Fiduciary work is a very technical and time consuming role with a large amount of potential liability and critical deadlines. With that said, a beneficiary, family member or friend may not have the skills, aptitude or time to properly and effectively administer your personal affairs and trust. Additionally, complicated family dynamics and conflicts of interest may make it impractical for a family member or friend to effectively fulfill their fiduciary role as trustee.

          Selecting the wrong trustee can be expensive and disruptive to your estate-planning goals. The decision to appoint a family member or friend, an independent trustee or a corporate trustee requires thoughtful analysis. It is important to evaluate the overall goals of the trust settlor’s intentions and consider your options carefully.

          With these factors in mind, estate planning attorneys often recommend independent trustees. An independent trustee is an individual that serves as trustee in their personal capacity, as opposed to a corporate trustee (also known as a trust company). Independent trustees are generally less burdened by byzantine policies and procedures (often found in bank trust departments) and free from the conflict of managing client investment assets, allowing for more flexibility by which they can care for and maintain the wishes of the trust grantor to the benefit of trust beneficiaries.

          Before making your final selection for your fiduciary agent, ensure that you have been diligent in your review and have carefully considered who would best manage your affairs should you become incapacitated and carry out your wishes as set forth in your estate plan.