Clients often choose a relative or a close friend as executor or trustee (a fiduciary) of their estate. It makes sense, they trust them during life and trust their judgement when they stand in their shoes so to speak. However, the job can prove more difficult than either of them imagined.
A fiduciary must carry out the terms of your client’s plan at the very time she is grieving, and many times she is unfamiliar with the ins and outs of the job’s responsibilities. She may not have enough financial knowledge to understand what’s expected or may miss important deadlines due to a lack of understanding, often costing some serious penalties for the estate.