What Is a Professional Fiduciary, and How to Know If You Need One?

Article submitted by Benefit Payee Services, Inc.
For more information, they can be reached at 303-282-8882.

A fiduciary is a person entrusted with the property or finances of another person and in whose best interest the fiduciary is expected to act when holding, investing, or otherwise managing that person's affairs.

As an estimated 80 million individuals born between 1946 and 1964 become older the need for professional fiduciaries becomes greater. Many factors contribute to the need for these individuals to have a professional fiduciary. The effects of aging, mental disabilities and illness, physical disabilities, exploitation, and constant traveling are only a few of the reasons why people may need enlist these types of services.

What type of services could a Professional Fiduciary provide?

Basic bookkeeping, bill paying & budgeting
Organization of paperwork and sorting through mail
Personal Representative-Executing the wishes of your will
Powers of Attorney
Daily Money Management
Representative Payee for Social Security Benefits
Conservatorships-if an individual is unable to make decisions on their own
Insurance claims assistance
Advocacy and coordination of care

Why would you need a Professional Fiduciary?

If you have a developmental or physical disability that prevents you from being able to handle your affairs
During periods of illness or after a hospital stay
After the death of a spouse or family member
If you have trouble seeing your checkbook
When you can't balance your checkbook and make ends meet
When you're paying late fees on bills and bank fees for bounced checks
When you can't keep up with all the medical insurance paperwork
When you can't find anything because the appropriate files haven't been set up
If you suffer from alzheimer's/dementia, arthritis, multiple sclerosis or a brain injury
If you do not have family/friends to handle these affairs for you
If you do not want your family involved in your financial affairs

What are the benefits of having a Professional Fiduciary?

Prevent and stop financial exploitation and abuse
Reduce the stress of paying your bills and sorting through paperwork
Peace of mind knowing that a professional is handling your affairs
Prevent heat, water, electricity & phone from being shut off due to non payment
Prevent late fees and bank fees
With proper budgeting, clients can see where the money is going, and can save their assets by following a plan.
Alleviate family conflicts; the ability to have an unbiased party representing your best interest

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