What is a Fiduciary?

A fiduciary is a person or organization who agrees to become legally and financially responsible for handling, appropriately, some or all of the legal and financial issues surrounding the management of another person’s real estate and financial assets. A fiduciary is typically either a trustee of a trust, an executor of a will, and/or an agent under a general durable power of attorney.

Is it Difficult to Serve as a Fiduciary?

Sometimes being a fiduciary is a small job for a limited time (such as handling one specific real estate transaction for another person). However, often it’s a massive job, for an extended period of time, and usually a lot of work; many of the duties and responsibilities require completing multiple complex and time-consuming steps, dealing with mountains of paperwork, and keeping track of and meeting numerous critical deadlines. Acting as a fiduciary is usually complex, difficult, confusing, time-consuming, stressful, and often overwhelming for even the most well-intentioned individuals. If you’ve been named or appointed to serve in a fiduciary role, it’s essential for you to understand your duties and to consider getting professional assistance from a law firm, such as the Farr Law Firm, to carry out your duties properly.

Who Should You Name as Your Fiduciary?

Most of our clients name a trusted family member or a close friend as their trusted fiduciary, but this is sometimes not the best choice and, of course, some people don’t have any family members or close friends they trust enough to fulfill this role. Also, please note that naming a friend or family member as a fiduciary can sometimes create conflict among relatives, which might be avoided by choosing an impartial professional. In these cases, the Farr Law Firm is available to serve as fiduciary.

Farr Law Firm Acting as Fiduciary

The Farr Law Firm is available to serve as your fiduciary — trustee of your trust, executor of your estate, and/or Agent under your Power of Attorney. The Farr Law Firm is also available to act as an Agent under the Advance Medical Directives of our clients. Please click here to view our Fee Schedule and Conflict Disclosure which our clients must sign before we can prepare documents

Acting as Fiduciary

The Farr Law Firm’s estate and trust administration division handles all aspects of trust and estate administration, while you’re alive (serving as Agent under POAs or Conservator and Guardian) and/or after your death (serving as executor of your will and/or trustee of your trust), employing a team of professionals with wide-ranging expertise. Our estate administration services include:

1. Preparation of required tax returns;
2. Preparation of required court filings including annual fiduciary accountings when required;
3. Working with investment advisors, beneficiaries, and accountants to minimize taxes;
4. Securing assets, including real estate, as necessary;
5. Selling assets, including real estate, as necessary
6. Assisting beneficiaries and other fiduciaries as appropriate.

To get started, please see our Levels of Planning for Trust and Estate Administration, download our Intake Form, and see our Fiduciary Fee Schedule and Disclosure.