sERVICE
Fiduciary Representation
Our attorneys have experience providing clear, understandable advice to individuals serving in certain fiduciary roles, including as agents under powers of attorney, trustees of a Trust, personal representatives under a Will, and administrators of intestate estates. Below is some general information to help you prepare for meeting with an attorney.
Please note that we do not handle guardianship matters.
What is A Fiduciary?
A fiduciary is a title given to an individual or professional who has legal and ethical obligations to act in the best interests of another party. A fiduciary relationship is a legal relationship that is created when an individual grants authority to another to act on their behalf. In the estate planning context, fiduciaries include agents under powers of attorney, guardians for minor children, personal representatives (executors), administrators of intestate estates, and trustees.
What Responsibilities Does A Fiduciary Have?
Fiduciaries hold a position of high trust, and often are tasked with complicated duties, like managing assets or trusts, making decisions for beneficiaries, and keeping records of their role. Fiduciaries also owe legal duties, like the duty of care and loyalty. Additional rules regarding fiduciaries are provided in the Washington state statutes that govern powers of attorney, trustees, personal representatives, and estate administrations. Given the level of responsibility involved, if you are serving in a fiduciary role, it is advisable to consult with an attorney who is familiar with fiduciary representation.
A fiduciary’s specific responsibilities will depend on the role they have accepted, the applicable statute, and the terms of the document that appoints them. For example, an agent acting under a power of attorney for financial matters is usually responsible for the management of the principal’s finances and other assets. Depending on the language in the power of attorney document, the agent may be tasked with ensuring that bills are paid, tax returns are filed, insurance is maintained, and more. Sometimes financial agents are granted the power to make gifts of the principal’s assets in order to reduce exposure to estate taxation, but other times agents do not have this power—it depends on the language in the power of attorney.
Similarly, a health care agent’s authority is governed both by state law and by the language of the power of attorney for health care matters. If the principal also executed a health care directive or other advance directives, then it is important for the agent to understand the wishes expressed in that document, as well.
Please review our website for more information about the responsibilities of trustees, personal representatives, and estate administrators.
How Salmon Bay Law Group Can Help You if you are serving as a fiduciary
At Salmon Bay Law Group, our Seattle attorneys are experienced in counseling fiduciaries on the specifics of their roles, including advising them on how to carry out their day-to-day tasks, understand their legal responsibilities, and ensure compliance in their fiduciary duties. We understand that serving as a fiduciary can be complex, and our Seattle attorneys are there for you every step of the way.
We regularly represent adult children who are assisting their parents as agents under a power of attorney or stepping in as the trustee of a parent’s trust. We also represent individuals who are serving as personal representatives or trustees following the death of a loved one.
We work to help ensure you have a basic understanding of the applicable law, as well as the terms of the document that appoints you, so that you have the necessary legal knowledge to make sound decisions and comply with your fiduciary obligations. We are here to answer your questions, set expectations, and ease your doubts regarding your responsibilities.
Whether you are only serving for a short period or for years, we are committed to long-term partnerships with our clients and seek to provide regular and clear communication regarding your responsibilities. We look forward to speaking with you about how we might be able to help.