The Importance of a Fiduciary in Estate Planning
MacElree Harvey
October 16, 2006
The most commonly cited reasons for estate planning are protecting an estate and passing on property to loved ones. Along with these goals, estate planning can prevent family feuds. Frequently overlooked and underemphasized, preventing infighting among heirs can be simple to implement – yet costly if ignored. There are several ways to help prevent these uncomfortable situations, including meeting with your heirs and attorney before and after the estate plan is in place. At these meetings, you should review the decisions made, the reasons behind the decisions, the use of trusts, and the formulas to be used in the event of a "tie" between heirs over an article of tangible personal property. Another important tool in the estate planning arsenal is the choice of fiduciary.
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