Family members are often selected as executors and trustees to help transition a family member's wealth. What is often a symbol of honor may turn into a burden that comes with “Fiduciary standards of care”. As a family member the “standards of care” may come into conflict with family pressures. A family member does not have to act even if they are named in a will or a trust, and can select a successor Executor or Trustee.
A professional fiduciary can alleviate family pressures and potential conflict while remaining faithful to the decedent’s wishes. Fiduciary duty is the highest known duty in law and requires the duty of loyalty. A fiduciary is required to exercise reasonable care and skills that a person with good judgment would be expected to exercise in managing their own affairs. They are required to handle administration in accordance with State laws. They are required to be impartial and consider the interest of both current and remaining beneficiaries when making decisions. Fiduciaries are required to inform beneficiaries about the estate or trust on a regular basis.