We rely on our friends, family, and colleagues to help us through life’s challenges. These trusted individuals can also be incredibly important when setting up an estate plan. It is vital to appoint a fiduciary to act on your behalf. A fiduciary acts on your behalf, carrying out your wishes should you become incapacitated or pass away. Legally bound to make decisions with your best interests in mind or in accordance with your written instructions, the fiduciary is invaluable in times of uncertainty.
Many people select a single fiduciary to manage their affairs. However, the amount of time associated with the role can be overwhelming for some people. When deciding who to appoint as fiduciary, be mindful of the degree of effort associated with maintaining and managing your affairs.
In some cases, you may want to nominate co-fiduciaries. This ensures there is always someone available to act even in the event of the death, incapacity, or unavailability of one of them. Of course, choosing more than one fiduciary has its drawbacks. If you choose to have more than one, you will need to decide if they must act unanimously, or if one can act on your behalf without the consent of the other. If an even number of fiduciaries is named, serious tension can arise when important decisions need to be made. If you require a unanimous decision be made, a deadlock can happen. To avoid this issue, you may want to nominate more than just two fiduciaries, or name another individual to cast the deciding vote in these instances.
Get the guidance you need to plan for your future with an experienced Estate Planning Attorney. Nennig Law Offices, LLC is here to help memorialize your wishes to protect your loved ones and safeguard your assets.