Experienced estate planning attorneys provide so much more than legal documents. Though an endless assortment of “ready made” estate planning documents is available online, only attorneys can really help us think through the care needs and people considerations behind a truly useful estate plan.
Designating People
One area of estate planning that families tend to fail to adequately think through is the designation of people for key responsibilities, including a power of attorney, to step in for financial decisions, and a healthcare proxy in the event of a capacity decline. At Ettinger Law Firm, attorneys point out the importance of carefully attending to the social aspects of estate planning:
The first myth to explore about estate planning is that you can do it yourself over the internet. This supposes that a trust is a generic legal document … However, experienced estate planning lawyers will tell you the job is ninety percent social work and only ten percent legal. Most of the time we spend with clients involves going over the social aspects of the estate plan. First, who should be in charge of your legal and financial decision-making in the event of death or disability? One person or more than one? Should they be required to act together or may they be permitted to act separately? How are the other family members going to feel about these choices? Who gets along with whom? What are my options and what do other people do and why? You need to be in a position to evaluate pros and cons and there’s no counselling on the internet.
Thorough estate planning essentially helps us protect ourselves and those we care about, and is tailored to address specific family circumstances, as well as our own care needs. Brady Cobin Law Group advises that in addition to arranging for the distribution of assets, a complete estate plan involves attention to:
- Advance Directives: Documents like a living will and healthcare power of attorney ensure your medical choices are respected.
- Continuity of Finances: A financial power of attorney allows someone you trust to manage your finances if you can’t.
- Guardians for Children: Ensure your children are cared for by trusted people if you’re no longer there.
- Support for Special Needs: Ensure that loved ones with special needs are provided for without risking their benefits.
- Prevent Family Conflict: A clear estate plan reduces misunderstandings, preserving family harmony.
Professional Fiduciaries Can Help
Ultimately, no estate or care plan is complete without the appointment of the fiduciaries entrusted to carry out the decisions and arrangements reflected in the plan. Depending on location, circumstance and the details of plans, fiduciaries may be referred to by a variety of specific names, such as personal representative, trustee, guardian or conservator. Understand that these are not honorary roles, or favors to be accepted lightly: they come with legally binding, fiduciary obligations. In addition to taking on tasks like selling a family home, closing out accounts, paying bills, and so on, the relations and friends placed in fiduciary roles are also quite likely to be grieving, and managing their own life responsibilities.
All in, attorney Sheila Buckley observes that it can make good sense to appoint a professional fiduciary: “While many people select friends or family members (often adult children) to serve in this role, for some people it makes more sense to appoint a professional fiduciary. A professional fiduciary is a company, bank, or individual, such as an accountant, who specializes in serving as a trustee or executor. These professionals have years of institutional experience administering estates and have the staff and resources to manage long term trusts.”
Because all fiduciaries have significant, legally binding responsibilities, a type of bond, generally referred to as a fiduciary bond may be required when a fiduciary is designated. A fiduciary bond serves as a guarantee that duties will be carried out in accordance with the law, and in the best interests of beneficiaries. Colonial Surety makes it easy and speedy for fiduciaries in every state of the country to obtain their bonds. Simply: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere.
Obtain Digital Fiduciary Bonds HERE
Bond Solutions for Professional Fiduciaries
When families turn to you for guidance and peace of mind, your time is of the essence. That’s why we put digital fiduciary bonds at your fingertips via The Partnership Account® for Professional Fiduciaries. With this online platform from Colonial Surety, you’ll get off to a quick, efficient and excellent start with every client:
- Access our library of instant, digital fiduciary bonds, including: guardian, conservator, executor, personal representative, administrator, trustee and more.
- Secure precisely the right bond for every circumstance, in every state of the country, every time a bond is needed.
- After selecting the needed bond, just enter payment, and download. That’s it–get back to the essential duties of your day.
As direct, national bond writers, Colonial Surety Company is pleased to back you up, so you can stop wasting time on bond searches, applications and processing delays. The work of every professional fiduciary deserves a great partner. We’re here to help:
The Partnership Account® for Professional Fiduciaries.
Colonial Surety is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business everywhere in the USA. Our customers have awarded us a 4.8 Trustpilot score. Whenever and wherever you need a bond, trust Colonial: www.colonialsurety.com