Fiduciary Services
The role of a licensed fiduciary involves a high level of trust, responsibility, and legal obligation to act in the best interest of those they serve. In Arizona, a fiduciary is an individual licensed by the Supreme Court who may serve, for a fee, on behalf of an individual in several capacities, such as: trustee, personal representative, or agent in a financial or medical power of attorney. The nomination typically occurs in estate planning documents prepared by an attorney who practices in the area of trust and estate law. Arizona Licensed Fiduciaries are bound by the
Fiduciary Code of Conduct.
Trustee
A fiduciary can be nominated by the grantor or settlor of the trust and has the responsibility of carrying out the terms of the trust as set forth in a trust document. The process of managing a trust is called Trust Administration which occurs during and after the person's lifetime.
Personal Representative of an Estate
As a personal representative, or administrator, of the estate, the fiduciary is tasked with marshaling assets, liquidating property, notifying heirs, distributing to appropriate beneficiaries, settling outstanding debts and finalizing taxes.
Attorney in Fact (agent under medical/financial power of attorney)
As a personal representative, or administrator, of the estate, the fiduciary is tasked with marshaling assets, liquidating property, notifying heirs, distributing to appropriate beneficiaries, settling outstanding debts and finalizing taxes.
