What Is a Fiduciary?
A fiduciary is a person or institution given the power to act on your behalf of another in situations that require a great deal of trust, honesty and loyalty. Some fiduciaries you may be familiar with include accountants, attorneys, bankers, business advisors, financial advisors, mortgage brokers and real estate agents. It is important that in these areas you have a licensed fiduciary who has taken a legal oath to put your best interest in front of all others.
Some examples of fiduciary responsibilities include:
- Personal Representative/Executor – Administering your estate in accordance with the directions contained in your Last Will and Testament; may include individuals and/or an institution such as a bank or trust company
- Trustee –Managing the assets that you title in the name of your Revocable Living Trust or any other type of trust you create in accordance with the directions contained in the trust agreement; may include individuals and/or an institution such as a bank or trust company
- Health Care Agent/Surrogate – Make medical decisions on your behalf in accordance with the directions contained in your Medical Power of Attorney or Durable Power of Attorney for Health Care; can’t be an institution or a health care provider who is currently treating you
- Attorney in Fact – Asset management as titled in your individual name in accordance with the directions contained in your financial Power of Attorney; can be one or more individuals and/or an institution such as a bank or trust company
- Preneed Guardian – Responsible for care of you and your property if you’re determined to be mentally incompetent by a court and in need of a court-appointed guardian to manage your affairs; may designate this fiduciary or in your Advance Medical Directive or medical or financial Power of Attorney
- Guardian for Minor Children – Care of your minor children in the event you die while the children are still minors; you can designate this fiduciary in your Last Will and Testament
At CMY Fiduciary Services, we are experienced in all aspects of fiduciary duties and as such we seek to make certain our clients are assured as to our abilities and total commitment to their best interest in all aspects of service.
Often, the circumstances leading one to a fiduciary can be complicated or filled with emotion. At Carolyn M. Young Fiduciary Services, we are sensitive to your needs and concerns and work to establish a relationship built on trust. Contact us today for a free consultation to see how we can help you.