Fiduciary Law

Be aware of the traits and characteristics of your Fiduciaries

Your Fiduciary Positions are the person(s) in charge of your Estate Planning documents.  The law refers to these person(s) as a "Fiduciary" and I refer to these person(s) as your "Bosses."  Choose your "Fiduciaries" very carefully.  Ask yourself whether they possess the required "traits" or "characteristics" to fulfill their duties when the time arrives.

A "Fiduciary" is someone who

Stands in a position of trust to another, and
Is responsible for handling the duties of that Estate Planning Document.

The proper terms for the "Bosses" of your Estate Planning documents are:

Agent ~ Under a Power of Attorney
Surrogate ~ Under a Living Will
Trustee ~ Under a Trust
Executor ~ Under a Last Will

Be aware of the two primary traits required of your "Bosses"

These traits are "able and willing."  Without these two critically vital qualities, you risk the effectiveness of that Particular Estate Planning document at the worst conceivable time - the time it is needed most.

Be aware of the additional traits that I have found should greatly affect your choice of your "Bosses"

Agent ~ (Under a Power of Attorney) ~ Able ~ Willing ~ Levelheaded ~ Familiar
Surrogate ~ (Under a "Living Will") ~ Able ~ Willing ~ Stoic ~ Strong
Trustee ~ (Under a Trust) ~ Able ~ Willing ~ Attentive ~ Decisive
Executor ~ (Under a Will) ~ Able ~ Willing ~ Honest ~ Diplomatic

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