Pa Estate Law – Pa Fiduciaries
Each Estate Planning Document has a person(s) who is in charge of carrying out the terms of that particular document.
Each Estate Planning document designates someone who is responsible for carrying out the wishes set forth in the Estate Planning document. Under Pennsylvania law, the proper terms for these persons are “fiduciaries” and I refer to these people – those in charge – as the “Bosses.”
Pa Estate Law – Pa Fiduciary Terms
Under Pennsylvania law, the proper terms for the bosses are:
Agent (under a Power of Attorney),
Surrogate (under an Advance Directive for Health Care – “Living Will”),
Executor (under a Will),
Trustee (under a Trust).
Although a technical knowledge of these terms can be useful, it is not the point of this article. The focus is to illustrate that an Agent, a Surrogate, an Executor, and a Trustee are just the bosses of that respective Estate Planning document.
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This article, which I published in the The Pennsylvania Law Weekly in the Spring of 2009 (with a few minor changes) is still relevant today. You can also review this article in the series of posts that have been – and will be – published in this blog.
Pa Estate Law – 1 – Intro
Pa Estate Law – 2 – Planning
Pa Estate Law – 3 – Taxes
Pa Estate Law – 4 – Fiduciaries
Pa Estate Law – 5 – Powers
Pa Estate Law – 6 – Traits
Pa Estate Law – 7 – Documents
Pa Estate Law – 8 – Pointers
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