You may have heard or read the term: fiduciary. But what is a fiduciary?
In this podcast episode, we go through some of the kinds of relationships that are included. The term covers at least these:
- A conservator of a living person’s estate (which can sometimes include someone acting as if they were the conservator, even though never court-appointed)
- A personal representative (what was often called an executor under prior law and terminology)
- A guardian of the person
- An agent operating under a power of attorney (sometimes referred to as an “attorney-in-fact”)
- Pretty much anyone acting on behalf of another person
Being a fiduciary can be challenging — even hard — work. Understand what job you’re assigning before you sign your will, trust or power of attorney.