A fiduciary is one who owes a duty of good faith and trust to another person; fiduciary responsibilities also include being bound ethically to act in the best interests of the other person. The general well-being of another person could fall within the responsibility of the fiduciary, however in most cases, finances are involved in the sense of managing the assets for another. The fiduciary is prohibited from benefiting personally from the management of assets, always ensuring the beneficiary’s needs are properly protected. In some instances, the role of private fiduciary is sought by an interested party, while other times a private fiduciary is court-appointed.
As an example, a private fiduciary could be appointed by the court to provide assistance when a person has been shown to no longer be able to make medical and financial decisions which are reasonable. Another time a private fiduciary could be appointed by the court would be when the Trustee assigned to manage property held in a trust is unable to serve, wishes to end his or her tenure, or has died. Private fiduciary services are often offered by attorneys who have a broad range of experience, particularly in trust administration and estate administration. Whether the estate in question is small and relatively simple, complex, or contested, an attorney who specializes in private fiduciary services can offer the following services:
- When no family members are willing or able to step into the role as fiduciary, an experienced legal private fiduciary can take over.
- When the nominated fiduciary is unable or unwilling to act due to litigious estate and trust matters, a knowledgeable attorney with private fiduciary experience can step in.
- When fiduciaries require advice regarding creditor issues, the sale of businesses and real estate, insolvent estates and other complex asset management related to a decedent, an attorney who is well-versed in private fiduciary services can provide the necessary information.
- When a decedent had business activity interests, a private fiduciary services attorney can help with the administration of those interests.
- If the decedent was involved in a pending lawsuit at the time of his or her death, a private fiduciary services attorney can help with resolving the lawsuit.
- When heirs believe there was misconduct, misappropriation or breach of fiduciary duty related to an estate an experienced private fiduciary service attorney can help evaluate and pursue these claims.
Contact Our Denver Fiduciary Services Lawyers
If you or someone you love has questions regarding disability or settlement planning, elder law, public administration or fiduciary services, we can help. Contact the attorneys at Frazer-Abel Law, LLC today for a consultation and review by calling 720-638-1465, or by filling out the contact form on this page. We can answer your questions and help protect you or your loved one’s estate.