A Fiduciary is a person who assumes responsibility for a position of trust. The person will place their trust in the fiduciary to be accountable and manage affairs for that person, not for the benefit of the fiduciary. There is a huge element of trust involved, especially if the person receiving services becomes ill, frail, or incapacitated.
A Fiduciary can be a:
Trustee- An individual or a court appoints a Trustee to manage a Trust.
Power of Attorney-
A Fiduciary can be appointed by an individual to be their Power of Attorney for Health care or as a Durable Power of Attorney. In this role, the Fiduciary can make decisions for the individual if they become disabled, as well as final burial arrangements after death.
A Fiduciary can be appointed by the probate court or an individual to act as the Administrator or Executor of a decedent's estate.
A Fiduciary can be designated by Social Security to receive the funds of an individual who has been deemed incapacitated, taking on the bill paying responsibilities.
A Conservator of Person is appointed by the court to manage a person's health and welfare when they have been deemed physically or mentally incapacitated.
A Conservator of Estate manages the assets of the Conservatee.
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