What is Fiduciaries?

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When it comes to financial concerns we need quite a number people we can trust to perform in our best interest. These people consist of friends, relatives and professionals. In legal language, such people are called fiduciaries. A fiduciary can be a person or institution that you trust would act in your best interest when you want help. Fiduciaries can consist of attorneys, bankers, business advisers, mortgage brokers, real estate agents etc.

When you plan your estate, you’ll need to name several fiduciaries. San Diego Estate Planning Attorneys can advise you how to pick the following fiduciaries from among your acquaintances, friends and relatives.

Personal Representative/Executor — This person will look after your Estate according to the instructions you have written in your Last Will and Testament. You can name more than one person or even an institution — like a bank — as your Executor.

Trustee — Also known as a Successor Trustee, this person looks after the task of your Trust after your death, or if you cannot look after the Trust yourself due to illness or disability.

Health Care Agent/Surrogate — This person will make judgments about your medical problems as you have written in your Advance Medical Directive or your Durable Healthcare Power of Attorney. You cannot identify an institution as your Health Care Agent.

Attorney in Fact/Power of Attorney — This person will make financial judgments on your behalf according to your Financial Power of Attorney. You can name more than one person or even an institution as your Attorney in Fact.

Preneed Guardian — This person looks after your needs and property if you become mentally ill.

Guardian for Minor Children — This person looks after your minor kids in case both you and the children’s other parent pass away.

Often, people name one person, like a husband or wife or their kids, to fulfill several fiduciary roles. No matter who you name as your primary fiduciary, you’ll also want to name a secondary fiduciary just in case your first choice is not available. San Diego Probate Lawyer, Steven F. Bliss is the best person to lead you through the process of labeling your fiduciaries.