Understanding Your Duties as a Fiduciary
At the center of every estate plan are people. Most of us tend to focus on the heirs and beneficiaries, those who inherit in one form or another. But the most important people in an estate plan are those charged with carrying out the instructions in your estate planning documents. These include the agent under your Power of Attorney for Finances, the Executor of your will, a Guardian for minors or the elderly, and if you have a trust-based plan, the Trustee of the trust.
Although each role has its own responsibilities, all are also known as fiduciaries. What is a fiduciary? In simple terms, a fiduciary is a person responsible for managing property that belongs to someone else.
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