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Roles of the Professional Fiuciary
A fiduciary is a person who assumes responsibility for a position of trust. Fiduciaries serve by court appointment as conservators and personal representatives of estates. They also serve by agreement as trustees, representative payees or as agents under powers of attorney.
Trustee
The fiduciary as a trustee has the responsibility of carrying out the terms of the trust as set forth in a trust document. A trust can be created by the language found in a will or a document created during life.
Conservator
A person who is legally appointed to manage the Conservatee’s estate and/or person. 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.
Executor or Administrator
A personal representative appointed by the Probate Court to administer the estate of a person who has died. A personal representative will either act as an Executor if named in the will, or as an Administrator if not named in the will, or if there is no will.
Representative Payee
A representative payee is a person designated by the Social Security Administration or other retirement plans to receive the income and pay the expenses of an incapacitated individual.
Agent Under Power of Attorney
For financial matters, the fiduciary conducts personal and financial business pursuant to the client’s written instructions. For health care, the fiduciary acts as attorney-in-fact to make health-care decisions, including placement, medical, treatment and final burial arrangements. More recently an Advance Health Care Directive provides this guidance.
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