Should you take on the role of a fiduciary?

| Dec 23, 2020 | Estate Administration & Probate |

If you have a loved one who has suggested that they’d like you to be a fiduciary for their estate, what that means is that they may want to add you as the executor, as the trustee of a trust or to assign you as a power of attorney.

As a fiduciary, you’ll be responsible for protecting the estate and the best interests of the beneficiaries. It can be a difficult role for some people, but others thrive with the extra responsibility.

How can you decide if you should become the executor of the estate or take on other fiduciary roles?

To start with, remember that the person who wants you to take that role has asked you to do so because they trust you. They feel they can rely on you to take care of the estate and their own best interests when the time comes.

However, that doesn’t mean that you have to accept the role. If you cannot do it due to time constraints or other responsibilities, then let the individual know that you can’t do it. They have other options, such as working with a legal professional as their agent instead.

What should you do if you’re appointed but weren’t asked?

If you find out that you’re going to be appointed to be the executor of an estate after a loved one passes, you have the right to turn down the role. However, you may want to consider speaking with an attorney before you do, so you can decide if you want to take on the role with legal support. If so, you can always work with an attorney throughout the process.