Fiduciary Services and why it is important
Although personal fiduciary services are a vital part of everyone’s financial portfolio, it is often a sensitive topic that people would rather avoid. But ensuring that your loved ones are cared for after you pass away is a critical component of a comprehensive estate plan. The confusion, uncertainty, and negative financial implications of dying intestate may be more severe for your loved ones than had you taken time to plan their financial future while you are still alive.
Personal fiduciary services may be as simple as ensuring that your last will and testament is adequately structured to cater to the needs of your family. This may include the distribution of cash, assets, company ownership, and individual inheritance clauses. Updating these documents when circumstances change is also important – specifically in cases where there are divorces, second marriages, or children from multiple relationships involved.
In this article, we at Efficient Wealth explain what fiduciary services are and why they are so important.
