Fiduciary Roles in Estate Planning

In preparing estate planning documents, one of the most important things to consider is the list of people that will serve in the various fiduciary roles that your documents will create. This is a synopsis of the fiduciary roles involved in estate planning. In most cases, you can name more than one individual to serve in each capacity simultaneously. If you do so, in some cases, you will need to decide whether you want multiple fiduciaries to serve severally (meaning each can act alone) or jointly (meaning all fiduciaries must act together). In all cases, you may also name successor/backup fiduciaries in case the first person named cannot or will not serve. 

EXECUTOR/EXECUTRIX

This is the person that will "execute" your will. This person will be responsible, if appointed by the Probate Court, for gathering your assets, managing them during the administration period, paying your final expenses and bills, and ultimately distributing your estate to the ultimate beneficiaries. This is different than an administrator which is the person that a Probate Court appoints to oversee the administration of an estate for a decedent that died intestate (without a will). 

TRUSTEE

This is the person that will be responsible for administering all aspects of any trust you set up, whether while you are alive (an "inter vivos" or "living" trust) or through your will (a "testamentary trust"). 

AGENT (PREVIOUSLY ATTORNEY-IN-FACT)

This is the person that is appointed under a power of attorney to take certain actions for you under a power of attorney. The person appointed by a power of attorney used to be referred to in Connecticut as a attorney-in-fact, but current law refers to this person as an agent. 

HEALTH CARE REPRESENTATIVE

This is the person appointed to make health care decisions for you if you can't make them for yourself. 

CONSERVATOR

This is the person that is appointed by a Probate Court to manage the affairs of someone that is incapacitated. There are two types of conservators. A conservator of the estate makes financial decisions, while a conservator of the person makes personal and medical decisions. 

REMAINS CUSTODIAN

This is the person that will have custody and control over your body after your death. This person will be responsible for following your wishes as far as funeral arrangements and final disposition of your body if you specify your wishes. Otherwise, this person will have the discretion to make arrangements for you.