Between food and football, estate planning might not be at the forefront of your mind this Thanksgiving, but it is the perfect time to revisit your estate plan. The family and friends you gather with this time of year are the most likely individuals to serve as your fiduciaries – the key players in your estate plan.

What are Fiduciaries?

Some fiduciaries are the individuals you name to carry out important roles in administering your estate after your death, such as personal representatives and trustees. Others act on your behalf should an unfortunate accident or a health condition, like a stroke or dementia, result in your incapacity. Old Colony Law counsels clients when selecting individuals to serve as fiduciaries in the following roles:

• Personal Representative: The person you appoint in your will to carry out your final wishes, including settling your estate and overseeing the distributions of your assets.

• Attorney-in-fact: The one named in your power of attorney to manage your financial affairs, including paying your bills and expenses, if you are unable to.

• Health Care Agent: The person named in your health care proxy to make and communicate health care decisions to your medical providers in your place.

• Guardian: Clients with young children should name a guardian to care and provide for their children in the event that both parents are deceased.

• Trustee: Many of our clients require one or more trusts as part of their estate plan to avoid probate and protect assets. Trustees oversee the trust administration process.

Who are My Fiduciaries?

If you can’t remember who you selected as your fiduciaries, it’s time to revisit your estate plan. You should also revisit your estate plan if your fiduciaries are no longer willing or able to act on your behalf due to their age, health, location or availability.

If you don’t have an estate plan, or if your estate plan is outdated or incomplete, a court could name a stranger to handle your financial affairs, make your health care decisions, and oversee the administration of your estate. A court could also step in if your named fiduciary is no longer alive, unavailable to serve or refuses to serve in their role. We always recommend naming a backup (or two) for each fiduciary role to prevent court intrusion and to ensure that you, your family and your assets are protected.

What if I Need a Professional?

Probate court proceedings and disagreements among beneficiaries can dwindle estate assets and cause family rifts. Selecting the wrong fiduciary can only exacerbate this.

Naming a professional to serve in a fiduciary role as your personal representative or trustee is an option for those without close friends or with contentious family situations. A professional can also step in to preserve estate assets, or if clients don’t want to burden their loved ones with administering their estate.

Old Colony Law attorneys are often appointed as professional and independent fiduciaries. We oversee the transfer of your assets and ensure that your loved one’s inheritance is managed according to your wishes. We also advise and serve alongside co-trustees. As Thanksgiving nears, know that we’re here for you and your loved ones as you plan for the years to come.