WHAT IS A FIDUCIARY?

A fiduciary is a person or firm with the power to act on behalf of another to protect their financial or medical well-being. A fiduciary duty requires the highest standard of care under the law. As one of the highest legal duties of one party to another, responsibilities involve finances and managing another's assets as the beneficiaries of an estate, trust, or in the event of incapacity.

WHAT WE DO

The McKenzie Law Firm manages your fiduciary needs professionally and proactively with comprehensive services for those with diverse legal fiduciary needs. We work with clients to ascertain their needs, develop a plan to achieve those goals and execute the plan while meeting or exceeding our clients’ expectations. We have years of experience acting as fiduciaries in areas such as managing estates; we also have access to a sophisticated network of partners to meet your needs and goals better.

FIDUCIARY SERVICES

Our services include:

• Conservatorships & Guardianships
• Executor or Personal Representative
• Financial Power of Attorney
• Medical Power of Attorney
• Trustee
• Trust Protector

ADVANTAGES OF HIRING A FIDUCIARY

A fiduciary must act in your best interests at all times. A fiduciary is expected to be highly loyal to the person to whom he owes the duty. When a fiduciary duty is imposed, it requires a stricter standard of behavior than the comparable duty of care. This is all for the protection and benefit of the principal and potential beneficiaries.

A fiduciary must provide full disclosure of relevant materials and facts. They are bound by the terms of the document(s), such as a Trust or last will, and will administer the assets as written.

Long-term planning. A fiduciary works with clients to set long-term goals and plans, taking the worry and guesswork out of the equation. No conflicts of interest. They must actively avoid conflicts of interest when making decisions on behalf of their clients.

A fiduciary can make decisions on your behalf. Beneficiaries can have peace of mind when dealing with a fiduciary instead of worrying if the trustee is making the right decisions.

Fiduciaries help navigate significant life events. A trustee can be faced with difficult choices that are not always popular with the beneficiaries of a trust or estate. When this involves family members, the named trustee is put in a situation that can cause conflict. A fiduciary does not face these personal issues among the family members. This allows the trustee to make the best possible decision, preserving harmony within the family.

A network of professionals. Fiduciaries have a network of professionals from whom they can get direct answers to difficult questions and use that knowledge on your behalf.

A fiduciary saves time, money, and headaches in the long run. With a working knowledge of laws and potential pitfalls, a fiduciary navigate them more capably, protecting your valuable time and money and addressing or avoiding problems that may arise.

A RELATIONSHIP YOU CAN TRUST

We work hard to build a relationship of integrity and trust with every client. Our specific fiduciary duties involve matters of great discretion, which we administer without fail. We provide sound, cost-effective advice that gives peace of mind to the principals and their families. We assist clients with their financial and medical needs by our client’s specific wishes and requests.

WE’RE HERE TO PROTECT YOU

The McKenzie Law Firm has the experience and excellent track record in matters where trust and loyalty are key factors. Whether you need a financial or medical power of attorney, a conservatorship, or a trusted fiduciary to administer your estate or trust, The McKenzie Law Firm can help. Use the questions below as a guideline to help determine whether you could benefit from fiduciary services.

FIDUCIARY FAQS

What is a fiduciary?

• A fiduciary is a person or organization that acts on behalf of another person or persons to manage assets. Essentially, a fiduciary owes the duties of good faith and trust to that other entity. The highest legal responsibility of one party to another, being a fiduciary, requires being bound ethically to act in the other’s best interests.

What is the difference between a fiduciary and a financial advisor?

• The most significant difference between a fiduciary and a financial advisor is the standard fiduciaries are held to when advising clients. Most financial advisors have to sell investments suitable for clients, but fiduciaries must act with a higher standard of care.

Should you use a fiduciary?

• If you are looking for someone to handle an estate after the person passes away or would like to have professional assistance regarding medical or financial matters for someone who has become incapacitated, a fiduciary can work closely with you to help ease the burden during such difficult times.

What does a fiduciary do?

• Fiduciaries can serve in any number of roles in your estate before and after your death. They’re hired to act in your best interests, and they must set aside their motivations in favor of your goals and well-being.
• The fiduciary is responsible for settling your estate by the directions in your last will. If you die without leaving a will, the court will appoint someone to this position. You can nominate one or more individuals or an institution, such as an attorney or trust company.
• A fiduciary is charged with gathering your assets and settling your final debts and tax obligations from estate funds, then distributing the remainder of your estate to your beneficiaries or, if you don’t have a will, to heirs set by state law. Their fiduciary responsibility is to your estate as well as to your beneficiaries.

What does it mean to have a fiduciary responsibility?

• Fiduciary responsibility refers to the obligation that one party has in a relationship with another one to act entirely on the other party’s behalf and best interest. It is considered to be the standard of the highest care. The individual responsible for being a fiduciary is referred to as the fiduciary.

What is a trustee?

• A trustee manages assets on behalf of the person who established the trust. A trustee is legally bound to protect the trust assets for the benefit of the beneficiaries. They hold the legal title to the trust’s assets and must not act in any way that could compromise them.

What is an estate?

• Legally, a person’s estate refers to an individual’s total assets minus liabilities. Generally, an individual draws up a will explaining the testator’s intentions to distribute their estate upon death. A person who receives assets through inheritance is called a beneficiary.

How do I set up a free consultation?

• We are an estate planning law firm located in Centennial, Colorado. Please get in touch with us today to schedule a personalized evaluation with an attorney.