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Estate Planning: What is a Fiduciary?

 

A fiduciary is a person that must act in your best interests, within the realm of estate planning.

In estate planning, the people that you appoint to act as your trustees will have to act as your fiduciaries. The fiduciary relationship requires that person to perform in your best interest.

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When you decide to plan for your future and create your estate plan, you will appoint a variety of individuals to act in your interest.

You will need a trustee, who will administer your trust. You will also appoint guardians for your minor children, and pick the people who will make healthcare and financial decisions on your behalf if you are incapacitated.

These people must be trusted individuals and are held to a higher standard. Pursuant to Michigan law, a fiduciary stands in a position of confidence and trust with respect to each heir, foreign exchange, beneficiary, protected individual or ward for who the person is a fiduciary.

They must act loyally, impartially, and prudently.

Sometimes, when planning their future, our clients decide to appoint corporate fiduciaries, such as a bank or financial institution.

So how do you express the importance of fiduciary duties to your family and friends?

We help explain to our clients’ trustees and representatives of their duties, obligations, as well as their protections.

We work with our clients to help them pick the best individuals and then offer guidance regarding their roles.

If you need help with your estate planning documents, fiduciaries, or guidance, contact Rickard & Associates today!

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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