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Choosing Fiduciaries for Estate Plans

posted Jan 29, 2013, 8:10 PM by Bryan Berson   [ updated Sep 13, 2014, 6:15 PM ]
Typically, an estate plan contains several documents.  Wills, trusts, powers of attorney (“POA”), and health care proxies (“HCP”) fulfill different functions.  They appoint one or more people to carry out different responsibilities.  Collectively, these people are known as “fiduciaries.”  A fiduciary has a legal duty to act for the benefit of another person within the scope of the relationship.  Fiduciaries must exercise the highest standard of care.  This column discusses fiduciaries’ roles and personal qualities they should exhibit. (Other columns discuss wills and revocable living trusts, powers of attorney, and health care proxies in more depth.)

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