What is a Fiduciary?
Although many people have heard the term 'fiduciary', many don't know what a fiduciary firm is or what we do.
A fiduciary firm is an organization entrusted to manage an individual's assets and financial affairs in the best interest of that individual.
There are a few ways that can happen.
Lotus Fiduciary Services, Inc. can be a Trustee, Personal Representative, Power of Attorney, Conservator and we can also help with Daily Money Management.
So what do all those terms mean? Take a look below.
TRUSTEE
Lotus is appointed or hired to administer a trust on behalf of the beneficiary of the trust.
PERSONAL REPRESENTATIVE
Lotus is nominated in a will to probate or administer the estate after that person has passed away.
POWER OF ATTORNEY
Lotus acts as an agent on behalf of another individual. The Power of Attorney (POA) oversees the financial affairs and assets on behalf of that individual.
CONSERVATOR
The court appoints Lotus to handle the financial affairs and assets of a protected person.
DAILY MONEY MANAGEMENT
Lotus is hired to go in and assist an individual with their financials affairs, including bill paying, budgeting, and bank reconciliation.