When determining who should be responsible for administering one's estate, there are a lot of things that will need to first be considered. This is not an easy decision to make, as the job that this person will be required to do is not always easy. There are those, in Florida and elsewhere, who may not feel that they have a person close to them who is capable of handling the stress and complexities of estate administration. This is when a corporate fiduciary may be required.
What is a corporate fiduciary? Instead of naming a loved one or close friend to be the executor of an estate, one may choose someone in a professional capacity who he or she feels is better able to complete the process with the least amount of difficulty. Examples of representatives in this position include:
- Trust companies
- Other trusted advisors
By choosing a corporate fiduciary, unbiased decisions about one's estate can be made. This prevents family members from having to make emotionally difficult choices and can help reduce disputes down the road. This can result in an estate being administered swiftly and smoothly.
Just like anything else, there are positives and negatives to choosing a corporate fiduciary for estate administration. An estate planning attorney can assist Florida residents in deciding if the benefits ultimately outweigh the risks. Along with answering any questions one might have regarding this and any other aspects of estate planning, further help in drafting and modifying estate plans is available.
Source: insurancenewsnet.com, "When Appointing A Corporate Fiduciary May Be Best For An Estate Plan", Christopher M. Kavanaugh, Nov. 6, 2015