In the context of estate planning, a fiduciary is someone you appoint to hold and manage assets for you. There are various names and positions within the estate administration process that hold a fiduciary relationship with the estate. For example, you must appoint an executor of your estate, but you could also appoint trustees or guardians, depending on what legal vehicles you choose to employ within your estate.
When you are named as the executor of an estate, you become the primary administrator for the estate. While the responsibilities of this position may sound frightening to some people, it doesn't have to be terribly difficult to oversee estate management and protect the wishes and assets of the deceased. With proper legal assistance in managing an estate, and by following a few smart steps, you can reduce the stress of the situation.
Many individuals in Massachusetts may have participated in estate planning activities such as setting up wills or purchasing life insurance. Another thing to consider when planning end-of-life care or wealth disbursement to heirs is setting up a trust, and an essential part of that process is choosing an appropriate trustee.