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Professional fiduciary? Why do I need one?

Senior couple looking at computer together.
Grandfather and grandson saving money in a piggy bank.

Lotus Fiduciary can be essential in various financial, legal, and personal matters where trust, expertise, and responsibility are required.

 

Here’s why you might need us:

 

Estate & Trust Administration

If you need someone to handle your estate, trusts, or wills, a fiduciary ensures proper management, avoiding probate issues and potential mismanagement.

 

Conflict-Free Decision Making

Family members may have conflicting interests. A professional fiduciary acts impartially, ensuring decisions are made in your best interest rather than influenced by personal bias.

 

​Protection for Vulnerable Individuals

If you’re elderly, disabled, or otherwise vulnerable, a fiduciary can safeguard your assets and personal well-being, preventing financial abuse or mismanagement.​

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Legal & Ethical Responsibility

A fiduciary is legally obligated to act in your best interest, unlike large corporations or family who may have conflicts of interest. This means transparent, responsible decision-making.

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How can we help?

We can step into the shoes of the individual whom we serve and perform any or all of the following services as necessary:

  • Daily money management –  pay bills and manage cash flow.

  • Work with the financial advisor, who manages and invests their money.

  • Preparation and filing of all tax returns, including but not limited to, personal income, corporate, trust and/or estate tax returns; includes the payment of taxes owed or collection of refunds due.

  • Ensure proper insurance is in place – health, property & casualty (home and auto), liability (business), and umbrella, life & annuities (investments).

  • Manage real property – provide oversight of any real estate owned by the person or estate. Includes: coordinating repairs and maintenance, collecting rent, paying taxes, etc.

  • Work with medical power of attorney/guardian/care manager – to ensure health and personal needs are met.

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Lotus Fiduciary acts as the "QUARTERBACK" to coordinate & oversee the work done by professional advisors to our clients.

What to consider when preparing your life, health and estate plan:

  • At what age or point in your life should you start to work with professional fiduciaries, both financial and medical?

  • Can a fiduciary firm serve as your personal representative, trustees and/or POA?

  • When would a fiduciary firm be unable to serve?

  • What happens if you become ill or suffer from memory loss?

  • What happens at your time of death?

  • What does your family have to do?

  • What if some of your family members need assistance managing their affairs?

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