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Figeroux & Associates | 26 Court Street, Suite 701, Brooklyn, NY 11242 | www.askthelawyer.us | 855-768-8845
Choosing who will carry out your final wishes is one of the most important decisions in estate planning — and one of the most overlooked. At Figeroux & Associates, we regularly help clients repair the damage caused by appointing the wrong person as executor, trustee, or guardian in their wills and trusts. In New York, naming the wrong fiduciary can derail an otherwise solid estate plan.
What Is a Fiduciary?
A fiduciary is someone legally obligated to act in the best interests of others. In estate planning, this includes:
- Executors: Carry out the instructions in a will.
- Trustees: Manage assets held in a trust.
- Guardians: Take care of minor children or incapacitated adults.
- Agents: Make financial or medical decisions under a power of attorney or health care proxy.
These roles carry legal duties — and serious consequences if mismanaged.
When the Wrong Person Is Named
- Lack of Financial or Legal Skill
Managing an estate or trust involves handling assets, filing taxes, dealing with creditors, and navigating court procedures. Someone without the knowledge or discipline to manage these responsibilities can make mistakes that cost beneficiaries time and money. Worse, if they mismanage funds, they could be personally liable.
- Personal Conflicts
Naming someone who has a strained relationship with other beneficiaries — such as a sibling with a history of disputes — can lead to mistrust and litigation. We’ve seen families torn apart because a poorly chosen executor or trustee let personal feelings interfere with their duties.
- Dishonesty or Self-Dealing
A fiduciary must always act in the best interests of the estate or trust — not themselves. But some people abuse their power. We’ve handled cases where executors took funds for personal use, or trustees delayed distributions to exert control over beneficiaries. New York courts can remove fiduciaries for misconduct, but by then, the damage is often done.
- Unavailability or Unwillingness
If the person you named is deceased, moved away, incapacitated, or simply refuses to serve, your estate plan hits a wall. Unless you’ve named backup fiduciaries, the court must step in to appoint someone — often a stranger to the family.
The Legal and Financial Fallout
Poor fiduciary choices can lead to:
- Delayed distributions
- Estate depletion through legal fees
- Breach of fiduciary duty lawsuits
- Loss of trust among family members
- Court intervention and loss of control over your estate
How Figeroux & Associates Can Help
At Figeroux & Associates, we guide clients through selecting trustworthy, competent fiduciaries. We help you consider factors like financial literacy, emotional stability, and long-term reliability. We also build in contingency plans, such as successor fiduciaries and oversight mechanisms, to protect your estate from mismanagement.
Your estate plan is only as strong as the people you trust to carry it out.
Call 855-768-8845 or visit www.askthelawyer.us to speak with an experienced estate planning attorney. We’ll help you protect your family, your assets, and your final wishes — by putting the right people in the right roles.
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