Friend or Professional: Who Should Carry Out My Estate Plan?
January 4, 2024
Should you consider someone you know or turn to a professional? Both options have their advantages.
On the other hand, there might be family dynamics that would make this role more difficult for someone you know. Additionally, the time commitment and obligations of this important role could become overwhelming.
Many people turn to a professional, such as a bank trust department or a professional fiduciary. Professionals are not swayed by any complicated relationships, they have a thorough understanding of their fiduciary responsibilities, and you’ll know exactly what their costs are going to be. Furthermore, they likely have adequate staffing and appropriate systems already in place.
One potential downside: professionals probably don’t have contextual knowledge about your values or past behaviors. This might become important if decisions need to be made about discretionary payments to beneficiaries or if there are other gray areas in your plan.
Regardless of who you choose, it’s important to communicate this important decision – both to your family and to the representative you’ve chosen. Taking time now to clarify your
desires will ultimately save time, hassle and heartache for all the loved ones affected by your plan.
What are the other important roles that should be filled for your completed estate plan? Request your free copy of “The People in Your Plan” by calling Paul Montgomery at 423-844-1000 or email stewardship@cmda.org.
