What is a Fiduciary?

A fiduciary is a trusted, legally accountable person who handles the finances, healthcare, and other daily needs of an individual who can no longer manage those tasks on his or her own.

A fiduciary work closely with doctors, nurses, in-home caregivers, attorneys, accountants, bankers, brokers and other professionals as needed to ensure that the individual is well cared for and their affairs are appropriately handled.

In many cases, a family member fills this role, but that is not always possible. A frail elderly person may not have children, or their children may live too far away to manage the myriad necessary tasks. Perhaps the family cannot agree on who should handle the loved one’s affairs, or the family members are juggling too many other responsibilities in their lives, or don’t have the right set of skills for this task. Sometimes the family agrees that they would prefer a neutral professional who is nearby and can keep up with the day to day situation as it evolves.

A professional fiduciary brings caring and expertise to managing the assets and the needs of the individual client and, as appropriate, other family members. In the words of the Professional Fiduciaries Association of California:

A fiduciary’s role is not merely that of business manager, decision-maker, or guardian. It is also a nurturing bond of trust, concern, and attentive care-giving. A fiduciary seeks to support mental and emotional well-being; reduce the stress of changing circumstances or unexpected events; and, most importantly, help each client, and their families, enjoy a fulfilling life.

Think of us as…

A good way to think of a fiduciary is as a child for hire. Whether it is because of age or disability, some people are unable to manage their personal and/or financial affairs. When this happens we typically see children step in and help – but sometimes, for a number of reasons that is not possible. That is where we come in.