Naming Your Attorney as Fiduciary Might Be The Ultimate Gift

Lifting the Burden: Why Naming Your Attorney as Fiduciary Might Be the Ultimate Gift to Your Family

When it comes to estate planning, most people focus on distributing their assets fairly among loved ones. But there's another crucial consideration that often gets overlooked: who will handle the complex, time-consuming, and emotionally challenging task of administering your affairs after you're gone?

Many clients think of family members, including children, to step into this role, but this assumption may inadvertently burden the very people you're trying to protect and provide for.

The Hidden Costs of Family Administration

Serving as an Executor or Trustee is more involved than most people realize. Your loved ones may face emotional strain, as having to make important financial and legal decisions while processing grief can be overwhelming. Family members are already dealing with grief, and adding complex administrative duties can compound their stress during an already difficult time.

Estate administration can take months or even years, requiring regular attention to deadlines, court filings, tax obligations, and beneficiary communications. Adult children with careers and families of their own may struggle to balance these demanding responsibilities with their existing commitments. The use of Trusts instead of Wills reduces the administrative burden but doesn’t eliminate the to-do list.

Executors and Trustees could bear personal liability for mistakes in administration. Even well-intentioned family members can face consequences for errors they didn't know they were making. Whether errors require personal responsibility or not, mistakes can still cause issues that delay the administration process. It’s notable that when family members serve as fiduciaries, it can create tension among siblings or other beneficiaries. Questions about fairness, timing, or decisions can strain relationships permanently.

The Professional Alternative

Naming your attorney as Executor or Trustee offers several compelling advantages. Attorneys specializing in Estate and Trust Administration understand the legal requirements, tax implications, timelines, and procedural steps involved. They're equipped to handle complex situations and avoid costly mistakes.

A professional fiduciary can make decisions based on legal requirements and your documented wishes, without family dynamics influencing their judgment. This objectivity helps ensure fair and impartial administration according to your estate plan.

While your family members are grieving and managing their own lives, an attorney can dedicate the necessary time and attention to properly administering your estate. Law firms also provide institutional stability. If one attorney becomes unavailable, the firm can ensure continuity in administration.

Addressing Common Concerns

Naming an attorney as fiduciary doesn't eliminate family involvement; it simply shifts family members from administrators to beneficiaries. They can still be consulted on appropriate decisions while being freed from legal responsibilities and the stress that comes with them.

While professional administration does involve fees, these are offset by the efficiency, expertise, and mistake-avoidance that professionals provide. Consider it an investment in your family's peace of mind and your estate's proper preservation.

Even seemingly simple estates can present unexpected complications. Tax filings, creditor claims, real estate transfers, and beneficiary distributions all require careful attention to legal requirements that non-professionals might accidentally overlook.

A Final Gift

Estate planning is ultimately about caring for the people you love. Sometimes the greatest gift you can give your family isn't just financial security, but freedom from the administrative burden that comes with it.

By naming your attorney as Executor or Trustee, you're essentially telling your loved ones: "Your job is to grieve, heal, and move forward with your lives. Let the professionals handle the paperwork."

In a world where we're constantly trying to lighten our loved ones' load, this may be one of the most meaningful ways to do exactly that, even after we're gone.

Procino-Wells & Woodland, LLC is a Delaware estate planning and elder law firm with offices in Lewes and Seaford, DE, and virtual services available statewide. Michele Procino-Wells, Esq.,  Amber B. Woodland, Esq., and Katie S. Bole, Esq., specialize in only this area of the law and constantly increase their knowledge through training to remain well versed in the newest planning opportunities and changes to the state and federal laws. The large staff take a team approach to each client’s case under direct advisement of the attorneys. Clients can expect fixed fee billing that is proposed upfront during the non-attorney initial consultation and accompanies a specific scope of work for the services that will accomplish that client’s goals. The firm uses virtual platforms to accommodate families who prefer not to meet in person, for any reason. You may learn more about their firm by visiting the website, www.pwwlaw.com, and be sure to click on the Upcoming Events tab where they offer a number of free educational events.