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Guardianship Encyclopedia  

Guardianship Encyclopedia

What is a Fiduciary?

There are a variety of fiduciaries that can act on your behalf.

Personal Representative/Executor - This fiduciary will be responsible for administering your estate in accordance with the directions contained in your Last Will and Testament; can be one or more individuals and/or an institution such as a bank or trust company.

Trustee - This fiduciary will be responsible for managing the assets that you title in the name of your Revocable Living Trust or any other type of trust you create in accordance with the directions contained in the trust agreement; can be one or more individuals and/or an institution such as a bank or trust company.

Health Care Agent/Surrogate - This fiduciary will be responsible for making medical decisions on your behalf in accordance with the directions contained in your Advance Medical Directive, also called a Medical Power of Attorney or Durable Power of Attorney for Health Care; can't be an institution or a health care provider who is currently treating you.

Attorney in Fact - This fiduciary will be responsible for managing assets that are titled in your individual name in accordance with the directions contained in your financial Power of Attorney; can be one or more individuals and/or an institution such as a bank or trust company.

Preneed Guardian - This fiduciary will be responsible for taking care of you and your property if you're determined to be mentally incompetent by a court and in need of a court-appointed guardian to manage your affairs; you can designate this fiduciary either in a free standing legal document or in your Advance Medical Directive or medical or financial Power of Attorney.

Guardian for Minor Children - This fiduciary will be responsible for taking care of your minor children in the event you die while the children are still minors; you can designate this fiduciary in your Last Will and Testament.

Guardian of the Person - Someone appointed by a court to make personal decisions for a minor child or an incapacitated adult, commonly called a ward. Such decisions usually include day-to-day living arrangements, health care, education, and other matters related to the ward's comfort and well-being. A guardian of the person may also be called a personal guardian or conservator of the person.

Who can serve as a Fiduciary? Who can serve as a Fiduciary?