Although many people have heard the term 'fiduciary', many don't know what a fiduciary firm is or what we do. First off, 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, Power of Attorney, Conservator, Personal Representative, and we can also help with Daily Money Management. So what do all those terms mean? Just take a look below.
Lotus is appointed or hired to administer a trust on behalf of the beneficiary of the trust.
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.
The court appoints Lotus to handle the financial affairs and assets of a protected person.
Lotus is nominated in a will to probate or administer the estate after that person has passed away.
DAILY MONEY MANAGEMENT
Lotus is hired to go in and assist an individual with their financials affairs, including bill paying, budgeting, and bank reconciliation.