Do You Have a Plan for a Successor Fiduciary?

A fiduciary refers to an entity or individual who is approved to act on your behalf regarding legal and financial matters. When a person is in the role of fiduciary, they must put your best interests and the best interests of beneficiaries at the forefront. This means there is both a legal and ethical obligation to act in good faith which extends to the management of estates and trusts.

A fiduciary, however, might end up being a different person than the original individual installed in this role. For example, a successor fiduciary is someone who assumes a fiduciary’s role in the event that the original person is no longer able to fulfill their duties. Successor fiduciaries might also apply for those trustees who manage assets that have poured over from a trust into an estate. If you don’t think ahead about these provisions and planning, a successor fiduciary might be appointed by the court directly.

This means you want to work with your own estate planning lawyer to determine the name of your successor fiduciary and to have this established in your estate planning documents well in advance of needing them. Set aside a time to speak with an experienced and dedicated lawyer about how to use fiduciaries and successor fiduciaries to accomplish your goals.

Ready to create or amend your Virginia estate plan? Schedule a meeting today.