A fiduciary is someone who accepts the responsibility for taking care of the needs or property of another person for the benefit of that person. Fiduciaries serve by court-appointment as guardians, conservators or personal representatives of estate. They also serve by agreement as trustees, or as agents under power of attorney.

In Arizona, there are public fiduciaries and private fiduciaries. In each county a public fiduciary is appointed by that county's board of supervisors. Fees for the services by public fiduciaries and their staffs are paid by the estate if it has sufficient funds.

A private fiduciary is a non-family member who serves professionally for a fee. Private fiduciaries are governed by state statute.

What is a Guardian? A Guardian is a person appointed by the probate court to ensure that the personal and medical needs of an incapa- citated person are met. A person is determined by the court to be incapacitated when he or she lacks sufficient understanding or "capacity" to make or communicate responsible decisions concerning his or her daily living needs.
What is a Conservator? A Conservator is a person appointed by the probate court to manage the financial affairs of someone who is determined by the court to be unable to manage his or her own finances or property.
What is a Personal Representative? A Personal Representative is a person appointed by the probate court to administer the estate of a person who died, who is referred to as a "decedent". The Personal Representative may be named in a will or may be appointed by the court if there is no will.
What is a Representative Payee? A Representative Payee is a person designated by the Social Security Administration or other retirement plans to receive the income and pay the expenses of an individual who is not able to do so.
What is a Trustee? Trustee is a person who manages property held by a trust. A trust is a legal entity created by one or more persons (trustors) who appoint a trustee to manage the trust's assets according to the terms of the trust.
What is a Power of Attorney? A Power of Attorney is a legal statement by an individual, the "principal", authorizing another person, the "agent", to act and make decisions for the benefit of the principal. There are several specific types of Power of Attorneys, such as General, Medical, Financial, Mental, etc.

Printer Friendly Version