A fiduciary is an individual or entity that has a legal responsibility to look after the best interests of an engaged party or parties. There are fiduciaries that play a role in the estate planning process, and we will take a look at the subject in this post. Estate Executor When a will is used to direct asset transfers, the person that is recording their final wishes is called the testator. The testator must name someone to handle the estate administration phase, and this individual is the … [Read more...] about What Are the Responsibilities of a Fiduciary?
Estate planning should be viewed from a holistic perspective. Yes, you have to state your wishes with regard to asset transfers in a will or trust, but that’s just half of the equation. You should also give the estate administration process careful consideration, and we will provide some food for thought in this post. Will Administration and the Executor’s Role If you use a simple will to serve as an asset transfer vehicle, you would name an executor to act as the administrator after you … [Read more...] about Be Discerning When You Choose an Executor or Trustee
There is more to estate planning than the choices that you make with regard to the way you want your assets to be distributed after you are gone. It is wise to think holistically and envision the hands-on tasks that must be completed to make your wishes come to fruition. With this in mind, we will share some insight into how you can streamline the estate administration process. When you take the right steps, your loved ones will be the ultimate beneficiaries. Executor Duties If you use a … [Read more...] about Streamline the Estate Administration Process