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      • What Can a Pet Trust Do For You?
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      • Elder Law Reports
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Choosing Your Fiduciary

Estate Planning attorneys balance competing interests when helping clients decide who they should name as personal representative and trustee. Some of the factors that a client needs to consider are the nominee’s responsibility, financial savvy, and temperament. These factors influence the fiduciary’s ability to pay debts, expenses, claims, negotiate on behalf of the estate, and to conclude the administration of the estate or trust. While many individuals consider acting in this capacity a great honor, the role comes with serious implications, including personal liability for failure to pay taxes

November 9, 2022 //  by Regina Slaton Schauer

Choosing a fiduciary is a common cause of stress in our line of work. After all, we have to pick someone who is honest, responsible, financially savvy, and kind. Further, the client must choose someone who is familiar enough with their family’s situation to understand their needs and choose the best options should they need to step in and manage assets. Although these may seem like minor factors, a fiduciary’s character and skill will influence their ability and willingness to pay debts, handle claims and expenses, negotiate on behalf of the estate, and even conclude the administration of the estate, trust, or other assets.

Although it’s a great honor to be considered for such a position, it’s also a heavy weight of responsibility. Penalties for mismanagement and/or failure to pay taxes can even include personal liability, which is a major consideration for any fiduciary.

For an examination of these issues, we found an article published by the AAEPA that may be of interest to you. Please click here for more.

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Regina Slaton Schauer
Regina Slaton Schauer
Estate Planning Attorney at Slaton Schauer Law Firm, PLLC
Regina Slaton Schauer, has been practicing law for 25 years and is licensed to practice in Texas and Oklahoma. In addition to doing estate planning, her background includes being a Judge for eight years, working in a district attorney’s office and running two international programs where children were brought from orphanages and placed into loving American homes.
Regina Slaton Schauer
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