You can name anyone to serve as executor, trustee or as an agent. It could be a family member, friend, or a professional.
Here are a few things to consider before naming someone as your fiduciary in an estate plan.
- Do you trust this person?
- Trust in the person is paramount. Your fiduciary must be someone who you trust to serve your best interests and the interest of your successors
- Age of the person
- If you are of an advanced age, naming someone who is older than you may not be advisable.
- If they are a professional, what is the cost of hiring them as a fiduciary?
- The location of the person acting as fiduciary
- If you live in South Carolina, naming someone who lives in California as your agent under a Durable power of attorney or as a Healthcare agent may not be the wisest choice.
- If you have multiple family members consider who you name as agent.
- If you have multiple children naming only one as agent my cause issues.
- Or if you have a child that is great with business and another that is better with the healthcare industry. Consider naming the business oriented child as executor, trustee or agent under the durable POA. Then name the other child agent under the Healthcare POA and Declaration of natural death.