Bringing Order to Life’s Transitions

Fiduciary Services

ConsultingThe titles may change, but every service Foster Thornton provides is centered around trust. The technical definition of a fiduciary is a person who assumes responsibility for a position of trust.

Depending on how, when, and by whom they are appointed, fiduciaries may serve in the role of professional fiduciary, private fiduciary, trustee, successor trustee, executor of the estate, administrator of the estate, attorney-in-fact and personal financial manager.

Trustee

The fiduciary as trustee is appointed by the maker of a trust and has the responsibility of carrying out the terms of the trust as set forth in a trust document.

  • A trustee is needed only when there is a trust
  • A successor trustee assumes responsibility if and when the original trustee no longer manages the trust, for a variety of reasons
  • When there is a trust, the process is called Trust Administration
  • There are many kinds of trusts

Personal Representative

A personal representative is the generic term for an executor for the estate of a deceased person who left a will, or the administrator of an estate where there is no will. Conservators are also personal representatives. All personal representatives are under the supervision of the probate court.

Administrator of the Estate

The fiduciary as the Administrator of the Estate is a person appointed to act on behalf of the estate when a person dies without a will or living trust, or when a person dies with a will, but the named executor is unable to execute their duties, declines the appointment as executor, or is removed by the court.

Executor of the Estate

The fiduciary as the Executor of the Estate is a person who is nominated by the deceased person in their will to act on behalf of the estate.

Attorney-In-Fact

The fiduciary as the Attorney-In-Fact is appointed by an individual through a Durable Power of Attorney to handle financial matters on one’s behalf.

Conservator of the Estate

A Conservator is appointed by the probate Court to handle the financial affairs of a person who can no longer do so.