Be aware of the traits and characteristics of your Fiduciaries
Your Fiduciary Positions are the person(s) in charge of your Estate Planning documents. The law refers to these person(s) as a "Fiduciary" and I refer to these person(s) as your "Bosses." Choose your "Fiduciaries" very carefully. Ask yourself whether they possess the required "traits" or "characteristics" to fulfill their duties when the time arrives.
A "Fiduciary" is someone who
Stands in a position of trust to another, and
Is responsible for handling the duties of that Estate Planning Document.
The proper terms for the "Bosses" of your Estate Planning documents are:
Agent ~ Under a Power of Attorney
Surrogate ~ Under a Living Will
Trustee ~ Under a Trust
Executor ~ Under a Last Will
Be aware of the two primary traits required of your "Bosses"
These traits are "able and willing." Without these two critically vital qualities, you risk the effectiveness of that Particular Estate Planning document at the worst conceivable time - the time it is needed most.
Be aware of the additional traits that I have found should greatly affect your choice of your "Bosses"
Agent ~ (Under a Power of Attorney) ~ Able ~ Willing ~ Levelheaded ~ Familiar
Surrogate ~ (Under a "Living Will") ~ Able ~ Willing ~ Stoic ~ Strong
Trustee ~ (Under a Trust) ~ Able ~ Willing ~ Attentive ~ Decisive
Executor ~ (Under a Will) ~ Able ~ Willing ~ Honest ~ Diplomatic
John B. Whalen, Jr., J.D., LL.M. is an
AV Peer Review Attorney and Counselor at Law and a member of the
Bar Register of Preeminent Lawyers. He has had his legal articles published on the Martindale.Com website and his law blogs published on the Lawyers.Com website.
John concentrates his legal practice solely in the areas of
Estate Law,
Estate Planning,
Estate Administration,
Executor Representation,
Probate, Ancillary Probate,
Last Wills, Decedents Estates,
Powers of Attorney, Advance Directives, Trust Law,
Living Wills,
Fiduciary Law,
Inheritance,
Inheritance Tax, Trusts and Estates, Trust Administration, Cemetery Law, Tax Law, Estates Taxation, and
Estate Planning for Unmarried Couples.
John serves, and has served, individuals and attorneys in the Southeastern Pennsylvania Metropolitan Area (and throughout the country), including Chester County Pa, Delaware County Pa, Lancaster County Pa, Montgomery County Pa, and Philadelphia County Pa.
John has served clients in Ambler Pa, in Ardmore Pa, in Aston Pa, in Berwyn Pa, in Blue Bell Pa, in Bridgeport Pa, in Broomall Pa, in Bryn Mawr Pa, in Chadds Ford Pa, in Chesterbrook Pa, in Chester Heights Pa, in Chester Springs Pa, in Coatesville Pa, in Collegeville Pa, in Conshohocken Pa, in Devon Pa, in Downingtown Pa, in Drexel Hill Pa, in Eagleville Pa, in Easttown Pa, in Elkins Park Pa, in Exton Pa, in Frazer Pa, in Great Valley Pa, in Haverford Pa, in Havertown Pa, in Jeffersonville Pa, in Kennett Square Pa, in King of Prussia Pa, in Lansdale Pa, in Limerick Pa, in Linfield Pa, in Linwood Pa, in Lower Merion Pa, in Malvern Pa, in Media Pa, in Narberth Pa, in Newtown Square Pa, in Norristown Pa, in Oaks Pa, in Overbrook Pa, in Paoli Pa, in Parkesburg Pa, in Phoenixville Pa, in Plymouth Meeting Pa, in Pottstown Pa, in Radnor Pa, in Ridley Park Pa, in Rosemont Pa, in St. Davids Pa, in Springfield Pa, in Strafford Pa, in Swarthmore Pa, in Thorndale Pa, in Tredyffrin Pa, in Trooper Pa, in Upper Merion Pa, in Valley Forge Pa, in Villanova Pa, in Wayne Pa, in West Chester Pa, in Westtown Pa, in Whitemarsh Pa, in Willistown Pa, in Wynnewood Pa, and in Yeadon Pa.