Every estate plan has key roles that need to be filled such as executor, trustee or guardian. It is important to give careful consideration to the parties that are named to carry out your wishes after you are gone. An executor may have all requirements fulfilled in 6-9 months while a trustee may be in place for decades. In some cases, a surviving spouse, sibling or child may be qualified and willing to serve. In other cases, it may be appropriate to consider a third party to serve alone or alongside a family member as co-executor or co-trustee.

At Carnegie Private Wealth, we’re committed to helping you understand the responsibilities and options available to you when it comes to filling the key roles in your estate plan. As an independent firm, we have the freedom and flexibility to help you evaluate all options to ensure that you find the solution that best fits your needs.

Here are some questions that we ask clients to consider as they evaluate their current fiduciaries:

• Are your current executors or trustees older than you or in declining health?
• Has the complexity of your estate changed since you considered the individuals appointed in your documents?
• Are individuals named to serve aware of their appointment?
• Have you considered the burden that this responsibility might place on the individuals you have named in your plan?
• Was your estate plan executed when your children were minors? If they are now adults, is it appropriate to consider them for a role?
• If you have a third party named, do you understand their duties? Are they responsible for administrative matters and investment management?
• Have you thoroughly evaluated the fees and expenses associated with third-party executor and trustee services?