Elder Support Services does not provide fiduciary services but we can advise you and refer you to those services. We have provided the following information so you will know the official duties of a professional fiduciary.

What is a professional fiduciary?

A professional fiduciary is a person who assumes responsibility for various positions of trust. Members of Professional Fiduciary Association (PFAC) serve by court appointment as guardians, conservators, personal representatives of estates and trustees. They also serve by agreement as trustees, representative payees or as agents under power of attorney.

Here are some of the specific duties they preform.

Daily Money Management: Organize and track financial records including account balancing, check writing, account deposits, account transfers and bill paying.

Agent Under Power of Attorney: The responsibilities of a fiduciary acting as an Agent under Power of Attorney include the following:

For healthcare, the fiduciary as attorney-in-fact to make healthcare decisions, including placement, medical treatment, and final burial arrangements.

For financial matters, the fiduciary conducts personal and financial business pursuant to the client’s written instructions.

Trustee: The fiduciary has the responsibility of carrying out the terms of the trust as set forth in a trust document.

A Personal Representative: The fiduciary is appointed by the probate court to administer the estate of a person who has died, referred to as “decedent”.

A personal representative will either act as an Executor if named in the will, as an Administrator if not named in the will, or there is no will.

A personal representative inventories and safeguards assets, collects income, verifies and pays obligations, identifies and notifies heirs and beneficiaries, and distributes assets.

Conservatorships: A conservatorship is a legal tool to provide management for the financial and/or personal affairs of individuals deemed by the court to be physically or mentally incapacitated.