A person designated to “step into your shoes” and act when you can’t is known as a fiduciary. Essentially, a fiduciary is a person (or organization) acting on behalf of another person, putting his/her own interests behind that of the person being served, and being bound by the duties of good faith and trust.
When choosing a fiduciary, there are three key characteristics to consider. In order of importance, the first key is values. It is essential that your fiduciary share your values. When the rubber meets the road, you want to know that the person you select will land on a decision the same way you would.
Next to values, it is important to have a fiduciary that possess some degree of knowledge. Although the vast majority of fiduciary functions can be outsourced to professionals, having a fiduciary that shares your values and has a sound head on his/her shoulders is ideal.
Lastly is proximity. In today’s day and age, being “there” is not nearly as important as it once was. That said, having a fiduciary that embodies all three of these key characteristics makes for a great pick!
