Who Will Step In for You? Understanding Fiduciary Roles Before You Need Them
One of the most important estate planning questions is also one of the most uncomfortable:
Who will take over if I can’t manage my own affairs?
Too often, families don’t understand the different fiduciary roles until someone is already incapacitated—or has passed away.
What Is a Fiduciary?
A fiduciary is someone legally obligated to act in another person’s best interest. There are many different kinds of fiduciaries for different roles. These roles carry authority, responsibility, and accountability under the law.
Choosing the right fiduciaries is one of the most important decisions you’ll ever make.
Common Fiduciary Roles Explained
- Agent under Power of Attorney – Acts during your lifetime for finances or health care
- Trustee – Manages trust assets according to your written instructions
- Executor (Personal Representative) – Settles your estate after death
Each role is distinct. One person may fill multiple roles, or you may intentionally separate them.
Why the Right Choice Matters
The wrong fiduciary choice can lead to:
- Family conflict
- Mismanaged assets
- Delays and legal disputes
- Broken relationships
The right choice provides stability, clarity, and trust during vulnerable moments.
Choosing Wisely
When selecting fiduciaries, consider:
- Integrity and organization
- Emotional steadiness under pressure
- Ability to work with professional
- Availability when needed
- Willingness to share with others and include them
This person can be family or friends. It is your choice, there is not anyone you are required to name to act for you. If you do not have any individuals that you feel are right to put in charge, there are also professionals that you can name as your fiduciary.
Planning Prevents Conflict
Clear fiduciary designations protect families from uncertainty and disagreement. When roles are clearly defined, transitions are smoother and relationships are preserved.
At Pettis Webber Pacific, we help families choose fiduciaries with intention and clarity. Schedule a consultation today.