Step-By-Step Guidance On Fiduciary Responsibilities

Help I am a fiduciary – What does that mean?

A fiduciary’s job it to protect the interest of another person and to act in that other person’s best interest, and usually involves managing their money, including income, assets and benefits).

How did I get here?

A person can become a fiduciary in a variety of ways, not all of which require your consent.

  • You can be appointed someone’s attorney in fact in a power of attorney.
  • You can be appointed executor in someone’s will.
  • You can be appointed trustee in someone’s trust.
  • You can be appointed successor trustee in someone’s trust.
  • You can be appointed by a court to be someone’s guardian or conservator.

What am I supposed to do?

First, get a copy of the document that appoints you. There may be other steps to be taken for you to have any responsibility. The document itself should spell out a great deal of your responsibilities. Other responsibilities are required by law depending upon your role.

Second, get in touch with an attorney who can review with what your responsibilities are. Fiduciaries are held to a higher standard of care than say any old family member. In some cases, fiduciaries can be held personally liable if anything happens. There is little room for error. Most importantly a fiduciary should never co-mingle funds or take any action for their personal benefit. Fiduciaries may be required to post a probate bond.

Step-By-Step Guidance On All Aspects Of Fiduciary Responsibilities

Being a fiduciary can mean a great deal of record keeping according to very specific rules. At Tabory Law LLC our job is to help you do yours. We can provide you with step by step guidance on how to fulfill your obligations and protect yourself from any wrongdoing. Few law firms have the technical expertise to provide this level of support, especially in guardianships and conservatorships and probate estates.

Discuss Next Steps

The first step toward preparing for the future is simple: Call 913-213-6585 or reach out to me online. We can then discuss next steps for creating an approach that fits your needs.