Considerations for Non-Professional Fiduciaries

When family members, friends and other nonprofessionals assume the role of fiduciary—whether it be for a trust or an estate—there are many considerations that advisors should address with them to assure that they fulfill their responsibilities properly. These considerations fall into four broad categories—carrying out administrative responsibilities; making legal judgments; exercising discretion; and complying with and maximizing tax laws. Many, perhaps most, non-professional fiduciaries don