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/