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Personal Finance and Investing

Beastly Boy

(11,283 posts)

3. Spell out in detail what would fall under the fiduciary's responsibilities and what would not.

Reply to Retired Engineer Bob (Original post)

Thu Aug 5, 2021, 05:43 AM

Aug 2021

There are many types of fiduciaries, like financial advisors/planners, trustees, investment managers, etc., and their areas of expertise differ.Make sure you are aware of where their responsibilities end and yours begin. For example, an estate planner may not necessarily be obligated (or qualified) to advise you on personal finances.

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Talking to a fiduciary Monday [View all] Retired Engineer Bob Aug 2021 OP

Having them do a living trust for you. It's better than a will brush Aug 2021 #1

Excellent Retired Engineer Bob Aug 2021 #2

Spell out in detail what would fall under the fiduciary's responsibilities and what would not. Beastly Boy Aug 2021 #3

If there are inheritance or estate taxes in any of the states involved. bucolic_frolic Aug 2021 #4

Thanks all for your input. Gives me some things to consider n/t Retired Engineer Bob Aug 2021 #5

Power of attorney? Living will? question everything Aug 2021 #6

I need to make an appointment with an estate planning lawyer as well n/t Retired Engineer Bob Aug 2021 #7

A will is still needed, even if you go for a living trust. PoindexterOglethorpe Aug 2021 #8