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What is a fiduciary?

When you meet with an estate planning attorney, you will be asked to choose your fiduciaries. Fiduciaries are trusted agents who carry out your wishes during a period of disability or after death:

A Personal Representative – administers the will, collects the assets for distribution, deals with the details of the estate.

A Trustee – administers the assets of a trust for the benefit of the beneficiaries.

An Agent under the General Durable Power – in the event of a disability, this person  manages your assets in accordance with your best interests and written instructions.

Agent under the Health Power – in the event that you are incapacitated and cannot make instructions concerning your medical wishes, the agent would make medical decisions in accordance with your known wishes and your best interests and  would have access to protected health information. This document may also include instructions concerning your desires as the end of life approaches.