Fiduciaries can be appointed to serve you in a variety of ways. Three of the most common roles of a fiduciary include acting as an Agent or Attorney-in-Fact in financial or health-related matters during your lifetime, as the executor of your estate once you pass, or as a trustee. When preparing your estate plan, you may find that there is one person best suited and willing to serve as your fiduciary in all of these roles, or, more commonly, you may choose to appoint different individuals for your various fiduciary needs, according to their giftings and the dynamics of your family. When appointing a fiduciary, it is often wise to consider a “successor,” or back-up person, in case, for whatever reason, your first choice is unable to act when the time comes. The names and structure by which you choose to appoint your fiduciary can be identified in the corresponding formal document drawn up for this purpose.
What happens in the event of your death or incapacity? Or, perhaps more importantly, who is carrying out your plan? What should this person do? What if the doctors are saying that all hope is lost and you should be taken off of life support? Have you effectively communicated your wishes? What type of person is well suited to balance your care with your goals and objectives?
