WHAT IS A FIDUCIARY?
I believe it's important to understand first what a fiduciary is not. We are not attorneys, though we are versed in legal matters, we are in no way qualified, nor licensed, to act or give legal advice. Furthermore a fiduciary does not replace your attorney, instead we work with your attorney to carry out the administrative and financial duties set forth in your estate plan.
During the process of drafting your estate plan, your attorney will ask you to name a person to act on your behalf when you cannot or no longer wish to manage your affairs. You can name a professional fiduciary or institution to act on your behalf, manage your affairs and carry out your wishes when you are unable to.
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Why Use a Fiduciary?
Are you concerned that you are no longer able to manage your affairs? Do you struggle with simply paying your monthly bills? Concerned that your health care wishes won't be followed? Worried that your estate won't be finalized with your wishes in mind? Don't want to burden family members who may be too busy or too far away with the details? These concerns as well as many others are all reasons to entrust a fiduciary to assist with your affairs.
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While some individuals may want to appoint a family member to handle their affairs, most individuals do not have the education or knowledge to settle an estate. In some cases, naming one family member may alienate or create discord in the family. There is much value in appointing a fiduciary to follow the terms of the trust or other instructions laid out. They are better suited to maintaining neutrality in handling your affairs than family members. They will adhere to the Fiduciary Code of Ethics and maintain confidentiality. More importantly the burden of responsibility is lifted from your family, which can allow them to enjoy you and each other without the complexities that arise from estate management.
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Your fiduciary can carry out your wishes in a variety of ways; as Power of Attorney, Trust Administration or Successor Trustee, Personal Representative and Representative Payee.
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