Thought for the Day” #1113 – by Stephen R. Elville, J.D., LL.M.

July 19, 2018

During the planning process we routinely choose our fiduciaries – those persons who will be our trusted agents, personal representatives, guardians, and trustees. But will these people really serve as such when the time comes? Are they willing to take on this responsibility, not only initially, but for as long as circumstances may require? This should not a secondary consideration. Why? Because our chosen fiduciaries serve voluntarily – they do not have to serve if they choose not to at any given time – they can refuse to serve or resign. Therefore, careful consideration should be given not only to choice of fiduciary, but also to the circumstances and responsibilities the trusted person will likely be dealing with later. Through careful planning, measures and precautions can be taken to minimize the possibility of “fiduciary choice failure”, and to effectively deal with it should it actually occur.