You may hear the term “fiduciary” mentioned by your lawyer, financial advisor, bank, or friends/ family. Although some have a general concept of what the term means in the corporate or business context, many remain unaware of what the term encompasses and implies in the estate-planning world. Understanding the term and the depth of obligation it entails is an essential element to the estate-planning process.
The legal terms employed to designate how a testator wishes to distribute their his or her estate can be incredibly confusing. Most of the time, a will distributes an estate either (1) per stirpes, (2) by representation, or (3) per capita. Employing a designation in your will is important, as it eliminates the need to create new documents or update plans if a beneficiary passes away while you are still living.
The information that you obtain from this website is not, and is not intended to be, legal advice. The content is for informational purposes only and does not form an attorney-client relationship. If you would like to speak to an attorney, please contact our office.
