Legal duties of fiduciaries
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Legal Duties of Fiduciaries. Lori Stiegel, American Bar Association Commission on Law & Aging Howard Berk , Illinois Disability Association Wendy Cappelletto, Office of the Public Guardian of Cook County Kerry Peck, Peck Bloom LLC. Acknowledgement.

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Legal Duties of Fiduciaries

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Legal duties of fiduciaries

Legal Duties of Fiduciaries

Lori Stiegel, American Bar Association Commission on Law & Aging

Howard Berk, Illinois Disability Association

Wendy Cappelletto, Office of the Public Guardian of Cook County

Kerry Peck, Peck Bloom LLC

IDoA Adult Protection & Advocacy Conference 2013


Acknowledgement

Acknowledgement

  • This session is based on four national guides for laypersons that the Consumer Financial Protection Bureau (CFPB) will publish through a contract with the American Bar Association Commission on Law and Aging.  The CFPB, through its collaboration with the Commission and experts in six states, also will publish state-specific guides for those six states, one of which is Illinois.

IDoA Adult Protection & Advocacy Conference 2013


Four types of fiduciaries

Four Types of Fiduciaries

  • Agent under a power of attorney

  • Guardian of the estate

  • Representative payee and VA fiduciary

  • Trustee under a revocable living trust

IDoA Adult Protection & Advocacy Conference 2013


Four general duties of fiduciaries

Four General Duties of Fiduciaries

  • Act only in person’s best interest

  • Manage person’s money & property carefully

  • Keep person’s money & property separate from their own

  • Keep good records and report as required

IDoA Adult Protection & Advocacy Conference 2013


Duty 1 act only in person s best interest

Duty 1: Act only in person’s best interest

  • All four types of fiduciaries should:

    • Read & follow key documents

    • Avoid conflicts of interest

    • Avoid borrowing, loaning, or giving the person’s money to themselves or others

    • Avoid paying themselves unless allowed

IDoA Adult Protection & Advocacy Conference 2013


Duty 1 act only in person s best interest1

Duty 1: Act only in person’s best interest

  • Agents & guardians also should:

    • Involve person in decisions to extent possible

    • Avoid changing person’s estate plans

  • Agents & trustees also should:

    • Understand when their authority takes effect

IDoA Adult Protection & Advocacy Conference 2013


Duty 2 manage person s money property carefully

Duty 2: Manage person’s money & property carefully

  • All four types of fiduciaries should:

    • Protect person’s money or property

    • Pay bills and taxes on time

  • Agents, guardians, & trustees also should:

    • List person’s/trust’s money, property, & debts

    • Collect debts owed to person

    • Invest assets carefully

    • Carefully choose & monitor helpers

IDoA Adult Protection & Advocacy Conference 2013


Duty 2 manage person s money property carefully1

Duty 2: Manage person’s money & property carefully

  • Guardians also should:

    • File inventory with court

    • Make financial plan

    • Help person get benefits due

  • Rep payees/VA fiduciaries also should:

    • Meet needs for food, clothing, & shelter

    • Consider the person’s dependents

    • Protect money from creditors’ claims

IDoA Adult Protection & Advocacy Conference 2013


Duty 3 keep person s money property separate

Duty 3: Keep person’s money & property separate

  • All four types of fiduciaries should:

    • Keep person’s money separate from theirs

    • Properly title money or property

    • Sign documents as fiduciary

    • Pay person’s expenses from person’s funds

IDoA Adult Protection & Advocacy Conference 2013


Duty 4 keep good records report as required

Duty 4: Keep good records & report as required

  • All four types of fiduciaries should:

    • Keep detailed list of assets received or spent

    • Keep receipts & notes, even of small expenses

    • Avoid paying in cash

    • Keep detailed records of work & charge reasonable fee if being paid

IDoA Adult Protection & Advocacy Conference 2013


Duty 4 keep good records report as required1

Duty 4: Keep good records & report as required

  • Guardians also should:

    • File accountings with court as required

    • File final accounting after person dies

  • Rep payees/VA fiduciaries also should:

    • File reports with agency as required

    • Keep agency informed about person’s status

    • Keep agency informed about themselves

IDoA Adult Protection & Advocacy Conference 2013


Other information in the guides

Other Information in the Guides

  • Other fiduciaries

  • Government benefits

  • Avoiding problems with family or friends

  • Working with professionals

IDoA Adult Protection & Advocacy Conference 2013


Other information in the guides1

Other Information in the Guides

  • Financial exploitation

  • Consumer scams

  • Resources

IDoA Adult Protection & Advocacy Conference 2013


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