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Home >> Basic Questions About Estate Planning – What are Fiduciaries?

Basic Questions About Estate Planning – What are Fiduciaries?

August 25, 2014 by Andreas Kulas Leave a Comment

Basic Questions About Estate Planning – What are Fiduciaries?In today’s blog entry in our ongoing series on basic questions about estate planning, we turn our attention to fiduciaries. The term “fiduciary” is a term that has a special meaning in the law. It is also a term that is especially important when it comes to estate planning. To help clarify why this term is so important, let’s take a look at fiduciaries and the role they plan in your plan.

What is a fiduciary?

A fiduciary is a person who has an enhanced legal duty to act in the best interest of another person. In normal, day-to-day situations, you don’t have this same duty when you interact with people. For example, when you meet people in your daily life, you don’t have to look out for them, or do what is in their best interests. Though you can choose to do so, you are under no legal obligation to operate in this way. All you are legally obligated to do, or all you need to do to avoid legal liability, is to act in a reasonable and prudent fashion.

Fiduciaries are different. When someone agrees to serve as a fiduciary, that person agrees to abide by a heightened legal obligation. Failing to meet that obligation can expose the fiduciary to civil, and even criminal, liability.

What do fiduciaries do?

Fiduciaries work on behalf of others in a number of ways. When you create an estate plan you’ll have to choose a number of people who serve under a fiduciary obligation. An agent under a power of attorney, an executor of an estate, and a trustee of a trust you create all serve as fiduciaries, or hold a fiduciary duty.

What role do fiduciaries play in my Florida estate plan?

When you create a comprehensive Florida estate plan, you’ll have to choose a number of people who will represent you or make choices for you. These people operate under the requirements of a fiduciary duty, and have to act with your best interests in mind.

For example, when you create a durable power of attorney for finances, the person or organization you appoint as your agent has a fiduciary duty to act in your best interests. This means that even though the agent has the legal authority to manage your money and property and to make decisions on your behalf, the agent cannot simply take advantage of his or her authority. He cannot, for example, use your property as collateral to obtain a loan for his own purposes.

Filed Under: Estate Planning

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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