Meet Lori Beth!
In this conversation, Zane interviews Lori Beth Merrill, a professional fiduciary, who explains the vital role fiduciaries play in estate planning and management.
Lori Beth shares her personal journey into the field, the services fiduciaries provide, and the emotional dynamics involved in working with families during sensitive times. She emphasizes the importance of having a solid estate plan and the need for fiduciaries in various situations, including special needs trusts.
The discussion also touches on the qualifications needed to become a fiduciary and the advice for success in this rewarding yet challenging profession.
Takeaways
- A fiduciary acts as a professional child for estate management.
- Expecting children to handle estate duties can be burdensome.
- Fiduciaries help optimize estates to save costs.
- It's crucial to have an estate plan in place before illness.
- Fiduciaries provide emotional support during difficult times.
- Communication with family members is key to reducing conflict.
- The demand for fiduciaries is growing due to complex family dynamics.
- Regular updates to estate plans are essential at life milestones.
- A career in fiduciary services requires a blend of empathy and financial acumen.
Sound Bites
"It's a recipe for disaster."
"It's a hidden world."
"This is too complicated."
Chapters
00:00 Introduction to Professional Fiduciaries
02:52 The Role of a Professional Fiduciary
06:08 Personal Journey into Fiduciary Services
14:49 Services Offered Before Passing
19:30 Navigating Family Dynamics
22:18 The Importance of Estate Planning Updates
27:49 When to Seek a Fiduciary
28:18 Understanding the Role of Fiduciaries
30:11 Finding a Fiduciary: Resources and Recommendations
32:29 The Hidden World of Fiduciaries
36:37 Who Should Consider Becoming a Fiduciary?
38:58 A Day in the Life of a Fiduciary
42:40 Keys to Success in the Fiduciary Profession
47:05 Personal Insights: Balancing Work and Life
Connect with Lori Beth: LinkedIn personal - https://www.linkedin.com/in/lori-beth-merrill-305a612a1/
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