When it comes to managing your estate, there are few decisions more important than selecting an estate fiduciary. After all, this individual will be responsible for overseeing and managing your investments and ensuring that your assets are properly distributed according to your wishes after you pass away. Here, we’ll discuss some of the key factors to keep in mind when selecting the right estate fiduciary.
Look for Experience in Estate Fiduciary Field
When selecting an estate fiduciary, look for someone with experience in the field who can provide sound advice and guidance on managing your assets. It is important to get a feel for how an individual handles difficult situations and how well they respond to inquiries regarding estate planning. Additionally, you should make sure that the fiduciary is familiar with the laws and regulations that govern estate planning in your state or country of residence.
Check References
It is always a good idea to check references when selecting an estate fiduciary. This can help provide reassurance that the fiduciary is experienced and capable of handling your estate planning needs. Additionally, speaking with references can provide insight into how well the individual communicates and whether they are responsive to inquiries.
Ask Questions
When selecting an estate fiduciary, it is important to ask questions about their experience, qualifications, fees, services offered, and other factors that may be important to you. This will help ensure that the fiduciary is a good fit for your needs and that they are capable of providing the services required to manage your estate effectively.
Consider Your Options
Finally, when selecting an estate fiduciary, it is important to consider all of your options. Depending on your particular circumstances, there may be a number of different fiduciaries available to you. It is important to research and compare the options before making your final decision in order to ensure that you are selecting the best individual for the job.
Finding the right estate fiduciary is an important task, but one that can be made easier by doing some research and considering all of your options.
Maximize Your Benefits
When you choose the right estate fiduciary, you can maximize the benefits of your estate plan. An experienced fiduciary will be able to provide advice and guidance to ensure that your estate is managed efficiently and effectively. Additionally, they will be able to help you take advantage of any tax deductions or exemptions that may be available. This can help reduce the amount of overall tax liability for your estate, making it easier for your beneficiaries to inherit their share.
Monitor Performance
Finally, it is important to monitor the performance of your estate fiduciary. You should periodically review and analyze their performance to ensure that your assets are being managed properly and strategically. This will help you make sure that your estate plan is up-to-date with the latest laws and regulations, as well as ensure that it remains compliant with any applicable tax codes. Additionally, it will provide an opportunity for you to make sure that your fiduciary is taking full advantage of any available benefits for your estate.
Schedule a Consultation with Us!
At Cold Harbor Financial, we offer financial strategies designed to efficiently manage the transfer of your wealth to your heirs in an orderly and tax-efficient manner. Unlike other providers of trust services who provide “one size fits all” solutions, we create estate plans that are tailored to fit your personal needs. Additionally, having a professional trustee rather than a family member removes the emotional component that can often be the source of unnecessary in-fighting within families.
Get in touch with us today to learn more about how we can help you with your estate planning needs.
Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. While familiar with the tax provisions of the issues presented herein, Raymond James Financial Advisors are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.
