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What is Fiduciary?
A fiduciary is someone who accepts the responsibility of taking care of the property or needs of another person, to the benefit of that person. The person will place their trust in the fiduciary to be accountable and manage for that person, not for the benefit of the fiduciary. There is a huge element of trust involved, especially if the person receiving services becomes ill, frail or incapacitated.
Fiduciaries can fill a wide variety of roles. They are court-appointed to be guardians. They can also act as personal representatives of estates. They also act as trustees, representative payees for fiduciary income and other income plans or agents under power of attorney.
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