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Be Prepared: Why You Need The Right Fiduciary Representative

21 April 2020 by Kenneth Pierce

If you're planning your estate, don't forget to choose a fiduciary. Not sure what a fiduciary is? A fiduciary is a person with the responsibility to oversee every aspect of your estate. Many people think that the beneficiary is where responsibility should lie. That might not be the case. A beneficiary takes over after you've passed away. But the fiduciary provides help throughout the estate process. While it is possible to choose anyone to act as your fiduciary, it's best to choose someone with a legal background. Here are four of the reasons to choose an attorney as your fiduciary representative.

Protect Your Finances

When it comes to your estate, you need someone who will protect your finances. This is especially true when it comes to your investments. You want your estate to be as financially secure as possible. Unfortunately, if you don't have help with your investments, your family may pay the price once you pass. Make sure your finances are protected. Choose the right fiduciary for your estate.

Protect Your Children's Future

You want your estate plan to protect your children. You've taken the steps to name someone as the guardian for your children. You may think that will provide all the protection you need. Unfortunately, that's not the case. If the guardian passes away, your children may be left without protection. That's where the fiduciary comes into the picture. Your fiduciary representative provides protection for your children. They'll act as guardian until another one can be appointed.

Protect Your Medical Decisions

You may be able to make your own medical decisions right now, but that can change. An unexpected health crisis can prevent you from making your own medical decisions. If that happens, someone else may need to step in to make those decisions for you. Without a fiduciary representative, you may not receive the care you wanted. A fiduciary representative will make sure that your health care directives are followed.

Protect Your Personal Interest

When you sit down to plan your estate, make sure that your interests are protected. If you're not working with a legal fiduciary, you may not receive the services you're entitled to. For that, you need a legal fiduciary representative. They'll protect your estate throughout the process.

Don't take chances with the security of your estate plan. Make sure you put the right person in charge of your estate. Talk to your attorney about assigning a fiduciary representative.

For more information on fiduciary services, reach out to a law professional.

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