A comprehensive estate plan does more than direct who receives your property. It also sets out how your affairs will be managed during your lifetime and names the people who will act for you if you cannot act for yourself. Many of these decision-makers, such as trustees, personal representatives, and agents under powers of attorney, serve as fiduciaries with legal duties of loyalty, care, and acting in the interests of the person or beneficiaries they serve. When family or friends are unavailable or not the best fit, a professional fiduciary can provide experience, neutrality, and continuity.
Key financial decision-makers to understand
Executor or personal representative: Administers your estate after death. Collects and manages assets, pays valid debts and expenses, completes required filings, and distributes remaining property to beneficiaries or a trustee in accordance with your plan and applicable law.
Successor trustee of a revocable living trust: Steps in when the current trustee can no longer serve, manages trust property for your benefit if needed, and distributes to beneficiaries as the trust directs.
Agent under a financial power of attorney: Conducts authorized financial and legal transactions on your behalf. Manages accounts, pays bills, and signs documents, all subject to the authority and timing set out in the power of attorney and state law.
Where to find professional help
Ask your bank or financial institution whether its trust department serves as fiduciary. Familiarity with your accounts can be an advantage. Interview a private trust company experienced in individual trust and estate administration. Ask your CPA or financial advisor whether they serve, or if they can recommend qualified professionals.
Essential questions to ask a prospective fiduciary
- How do you charge for your services? Are fees hourly, asset-based, subject to a minimum, or structured another way? What additional expenses should be expected?
- How do you document transactions, and who can access those records? What safeguards and transparency practices are in place?
- How long does an estate or trust like mine typically take to administer? What factors affect timing?
- How often do you communicate with beneficiaries and family members, and through what channels?
- Do you require specific provisions in my documents or additional paperwork to serve? Will you coordinate with my attorney to confirm authority is properly granted?
- What are examples of your most successful and most challenging administrations, and how did you handle disputes or complex issues?
Personal care decision-makers to plan for
- Agent under a medical power of attorney: Makes or communicates your medical decisions if you cannot. In addition to naming an agent, consider an advance directive or living will to document your treatment preferences, and a letter of instruction in your own words for added context. Be mindful that state law may restrict who can serve (e.g., certain healthcare providers or facility employees) unless an exception applies.
- Caretaker for your pet: Confirm willingness and ability in advance, provide funds and written care instructions, and, if no individual is suitable, explore programs or organizations that can accept or place your pet. Any arrangement should be confirmed ahead of time and incorporated into your plan.
Questions for personal care roles
- Do you charge for your services, and how will expenses be paid or reimbursed?
- When and how should you be contacted in an emergency, and by whom?
- What information or paperwork do you need in advance to carry out your role (access to legal documents, medical preferences, pet-care instructions, and key contacts)?
If uncertainty about whom to appoint is slowing your planning, do not let it halt your progress. We can help you evaluate options, identify qualified decision-makers, and tailor your documents so your chosen fiduciaries have the authority and information they need. Contact our Madison, Wisconsin Estate Planning attorneys to put trusted decision-makers in place before they are needed.