Broker Check

Who might not need a fiduciary? Who might?

| June 20, 2017
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Not everyone would benefit from paying a Fiduciary:

Let's oversimplify a lot

  1. Widow
  2. No children or grandchildren
  3. Own your home outright
  4. No other real estate
  5. One bank account.
  6. No other investments or valuable collections.
  7. No life insurance
  8. No annuities
  9. Living happily on Social Security + Pension
  10. You want to leave your entire estate to one person, e.g. your sister.
  11. Your documents were updated less than 2 years ago and accurately reflect your wishes
    A. Will
    B. Health Care Power of Attorney
    C. Living Will
    D. Durable power of attorney

There could be any number of other concerns not mentioned.  But if there are no other significant concerns, paying a Fiduciary might not benefit you.  Might not be "worth it."

Who might benefit from paying a Fiduciary?

  1. Married
  2. Children
  3. Grandchildren
  4. Life Insurance
  5. Long Term Care Insurance
  6. Rental real estate
  7. Vacation Home
  8. Business
  9. IRA
  10. 410(k)
  11. Annuities
  12. Investment account
  13. Trust
    A. Protect your children from potential divorce
    B. Protect your grandchildren from being accidentally disinherited
    C. Make sure "youngish" Adult Children and / or Grandchildren don't inherit until they are old enough to properly manage the money
    D. Provide income but not principal to a child / grandchild who would not do well with a large inheritance.

The more complex your situation is, the more likely it is that someone applying the Fiduciary Standard of care to your entire situation can help you accomplish your goals.

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