One of the most important decisions in estate planning is choosing the right executor or trustee. The executor or trustee is a "fiduciary and is the person who will manage your estate after your death. This individual, whether an executor under a will or a successor trustee under a trust, plays a vital role in ensuring your wishes are honored and your assets are properly handled.

Understanding the Role of a Fiduciary

The fiduciary is legally responsible for administering your estate. Their duties include:

• Identifying and securing assets: Locating all property, accounts, and valuables and ensuring they are protected.
• Paying debts and expenses: Settling outstanding bills, taxes, and administrative costs.
• Managing financial accounts: Handling investments, bank accounts, and real estate during the administration process.
• Communicating with beneficiaries: Keeping heirs informed and addressing questions or concerns.
• Distributing assets: Ensuring that property is transferred according to your estate plan.
• Maintaining records: Documenting all transactions and decisions for legal and tax purposes.
• Navigating legal processes: Filing necessary paperwork with probate courts or managing trust administration.

This role can be complex and time-consuming, requiring both legal knowledge and emotional intelligence.

Key Traits to Look For in a Fiduciary

Choosing the right person means looking beyond family ties or convenience. Consider these essential qualities:

1. Trustworthiness

Your fiduciary must act in good faith and with integrity. They will have access to sensitive financial information and must make decisions that reflect your intentions—not personal interests.

2. Organizational Skills

Estate administration involves deadlines, paperwork, and coordination with professionals like attorneys, accountants, and financial advisors. A well-organized fiduciary can keep everything on track and avoid costly mistakes.

3. Diligence and Follow-Through

This is not a one-time task—it’s a process that can take months or even years. Your fiduciary should be persistent, detail-oriented, and committed to seeing it through.

4. Impartiality

In families with complex dynamics, an impartial fiduciary can help prevent conflict. If you anticipate tension among beneficiaries, consider appointing a professional fiduciary such as a trust company, CPA, or attorney.

5. Financial and Legal Acumen

While not required, familiarity with financial matters and legal processes is a major advantage. A fiduciary who understands taxes, investments, and estate law can make more informed decisions and avoid pitfalls.

Who Should You Choose?

Your options may include:

• Spouse: Often the first choice for married individuals.
• Adult Children: If they are responsible and capable, they may be a natural fit.
• Other Family Members or Friends: Trusted individuals who understand your values.
• Professional Fiduciaries: Ideal when neutrality, expertise, or privacy is a priority.

If you're unsure who to appoint, our attorneys can help you evaluate your options and structure your estate plan accordingly.

Review Your Estate Plan Regularly

Life changes—so should your estate plan. Make sure the individuals you've named still meet the criteria and are willing to serve. If you haven’t reviewed your plan recently, now is a good time to revisit it.

For guidance on when and why to update your estate plan, read our article: When Should You Update Your Estate Plan?

Get Started with Confidence

To help you begin or refine your estate plan, download our free Estate Planning Checklist - a step-by-step guide to making sure your plan works for you and your loved ones.