Many people have heard the term “fiduciary” but might not know what it means. A fiduciary is simply an individual who is in charge of managing another person’s assets. However this is not just a friend, they are required to manage within ethical and legal guidelines. A financial advisor is not necessarily a fiduciary for this reason. There are a variety of fiduciaries including those in charge of your finances, those with power of attorney, and those with executorship over an estate. Having a last will and testament is very important because it can be made legally binding for a fiduciary to follow when dealing with your estate and assets.

Read more: The necessity of a fiduciary: What having a fiduciary means