Lake Forest, IL Estate Planning Attorney Jennifer Howe explains the types of risks fiduciaries face.
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Well fiduciaries, I think, have one of the most difficult job that there is in the financial world right now. And I’m going to just talk about a fiduciary who’s a family member not a corporate fiduciary.
So we can help a fiduciary, so that is a trustee or an executor who’s selected by their parents or a family member to act for them by essentially, number one, helping them understand what their duties are because there’s many. They have a duty to account, they have a duty to be a prudent investor, they have a duty to treat their beneficiaries with utmost loyalty. All of these things that will be foreign to a trustee or an executor or fiduciary who comes into this role for the first time in their life.
So we do a lot to educate our clients so that they understand their roles and understand the pitfalls and what they need to do in order to not only protect themselves but to do a really good job as a fiduciary.