The Fine Art of Informing Your Fiduciaries

12:52 pm Uncategorized

Talking 150x120 The Fine Art of Informing Your FiduciariesUnless you have an extraordinary circumstance that makes keeping your choice of fiduciary a secret, you should inform your choice(s) that they have been named.  Most fiduciaries will be honored to know that you’ve placed your trust in them. And while you don’t necessarily need to explain the entirety of your estate plan to them, it is polite to let someone know that you’ve nominated them for a role.

Healthcare agents especially have a need to know that they’ve been nominated, as they will need a copy of your HIPAA Authorization in order to get information from the hospital staff, and a copy of your healthcare directive both to prove their authority, and to make medical personnel aware of your wishes for treatment.

It is also important to let your fiduciaries know that being nominated places them under no legal obligation. If they are unwilling, or feel that they are not prepared to take on the responsibility for which they have been nominated, they are perfectly free to decline.  (This is also why it is so important for you as the creator to nominate secondary or back-up fiduciaries.)

Part of the process of informing your fiduciaries is also preparing them. Give them the name and contact information of your attorney and let them know if the attorney is available to answer any questions they might have.  Let them know where a copy of your estate plan can be found so they aren’t flying blind when something happens to you. And if you feel comfortable, inform them of the finer points of your plan, your specific wishes, and help prepare them for this important role.

Contact our Orange County estate planning law firm to tailor a plan to meet your specific estate planning needs.

Contact us today for individualized planning strategies to meet your unique needs.

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