5 Things Your Fiduciary Needs to Know Before You Die
You might think you have a solid estate plan – but if your fiduciary doesn’t know the basics, they could face legal and financial chaos after a loved one dies. Here are 5 things they need to know—before they’re in the middle of it:
- Where Are Your Documents Located? (And Who To Call)
Your estate plan doesn’t help if no one can find it. Store your will, trust, powers of attorney, and advance directive in a fireproof safe or other secure but accessible place—and make sure that your fiduciary knows where that is. Include contact information for your estate attorney, accountant, and any other key advisors. Maryland does not require pre-death filing of your will, but you can deposit your original will with the Register of Wills in your county of residence.
- What Roles They Will Play?
Who is your Personal Representative (executor)? Trustee? Power of Attorney? These fiduciary (agent) roles carry legal responsibilities under Maryland law. They come with deadlines and potential liability. Make sure your fiduciary understands what that means and what they’ll need to do.
- What Should They Avoid Doing?
The most common mistakes occur in the first few days after someone dies. Your fiduciaries should not start cleaning out the house, writing checks, cashing joint accounts, or transferring titles. Certain actions can create unplanned tax consequences or legal headaches—especially in Maryland, where probate rules and inheritance taxes can complicate things fast.
- How Does the Process Actually Work?
A Maryland estate can take 9-12 months (or longer) to fully administer. Even with a Revocable Trust, there are bills to pay, tax returns to file, and assets needing to be inventoried and appraised. It’s not always quick—and it’s rarely simple. Your fiduciary should be prepared for a process, not just a reading of the will.
- What Do You Really Want?
Even the best-written plan can’t replace a conversation. Let your fiduciary know the “why” behind your choices—who gets what, who’s in charge, and what values matter to you. These talks can prevent resentment and misunderstandings that legal documents alone cannot fix.
If you are interested in learning more about estate plan options to protect you and your loved ones, please call us to schedule an appointment. (410) 988-3973. www.TheCoxLawGroup.com. We look forward to working with you!
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This blog post is for informational purposes only and does not constitute legal advice. For guidance on your specific situation, please consult an attorney licensed in your jurisdiction.
