Fiduciary Support

Fidelicare’s Fiduciary Support Team can lift the burdens of serving as a fiduciary. Not only can we handle the everyday management tasks--we also have the expertise to deal with the more complicated aspects of serving as a fiduciary.

 

Who needs a fiduciary?

  • Aging parents with dementia.
  • An adult child with mental illness.
  • A family member with substance abuse problems.
  • A minor child with an inheritance.

These and other such circumstances can place people in a position of managing the affairs and funds of another. A person in such a position of trust is a fiduciary.

Who is a fiduciary?

Fiduciary: A person or institution who manages money or property for another and who must exercise a standard of care in such management activity imposed by law or contract. A person having the duty…to act primarily for another’s benefit… Black’s Law Dictionary.

  • A fiduciary might be a daughter whose parents have signed a power of attorney document, granting her the ability to write checks on their accounts, manage investments, even sell their real estate.
  • A fiduciary might be a son whose parents established a trust for their grandchildren in their will and named him to be the trustee, giving him the responsibility of managing the trust funds.
  • A fiduciary might be a niece, appointed by court order to serve as the legal guardian for an aging aunt who has been declared an incompetent adult.
 

Serving as a fiduciary for another is labor intensive. The fiduciary essentially takes on all of
the tasks of managing the affairs of another: paying bills, preparing tax returns, managing investments, reconciling bank accounts, keeping records and maintaining and managing real property, to name a few. In addition, there are management issues that may be peculiar to the fiduciary relationship. For example, a guardian may have to file an annual accounting with the court that appointed her. A trustee may have to account to beneficiaries of the trust. There may be limits on payments a guardian or trustee may make. Record keeping is essential to avoid allegations of misuse of the funds or property with which the fiduciary has been entrusted. It can be daunting. Fidelicare can help.
 
   

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Fidelicare, Inc. PO Box 219, Swannanoa, NC 28778 Tel: 828/299-8707 info@fidelicare.net