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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

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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