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What is a Fiduciary?

A fiduciary is a person or firm that has the power to act on the behalf of another to protect their financial or medical wellbeing. A fiduciary duty requires the highest standard of care under the law. As one of the highest legal duties of one party to another, responsibilities involve finances and managing the assets of our clients as the beneficiaries of an estate, trust, or in the event of incapacity.

What We Do

Mile High Estate Planning manages your fiduciary needs professionally and proactively with comprehensive services for those with a diverse range of legal fiduciary needs. We work with clients to ascertain their needs, develop a plan to achieve those goals, and execute the plan while meeting or exceeding our clients’ expectations. We have years of experience acting as fiduciary in areas such as managing estates, we also have access to a sophisticated network of partners to better meet your needs and goals.

Fiduciary Services

Our services include:

  • Conservatorships & Guardianships
  • Executor or Personal Representative
  • Financial Power of Attorney
  • Medical Power of Attorney
  • Trustee
  • Trust Protector

Advantages of Hiring a Fiduciary

A fiduciary must act in your best interests at all times. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty. When a fiduciary duty is imposed, it requires a stricter standard of behavior than the comparable duty of care. This is all for the protection and benefit of the principal and potential beneficiaries.

A fiduciary must provide full disclosure of relevant materials and facts. They are bound by the terms of document(s) such as a Trust or Last Will and Testament, and will administer the assets as it is written.

Long-term planning. A fiduciary works with clients to set long-term goals and plans, taking the worry and guess work out of the equation. No conflicts of interest. They must actively avoid conflicts of interest when making decisions on behalf of their clients.

A fiduciary can make decisions on your behalf. Beneficiaries can have peace of mind when dealing with a fiduciary instead of worrying if the trustee is making the right decisions.

Fiduciaries help navigate major life events. A trustee can be faced with difficult choices that are not always popular with the beneficiaries of a trust or estate. When this involves family members, the named trustee is put in a situation that can cause conflict among the family. A fiduciary does not face these personal issues among the family members. This allows the trustee to make the best possible decision, preserving harmony within the family.

A network of professionals. Fiduciaries have a network of professionals from whom they can get direct answers to difficult questions and use that knowledge on your behalf.

A fiduciary saves time, money, and headaches in the long run. With working knowledge of laws and potential pitfalls, a fiduciary navigates them more capably, saving you valuable time, money, and addresses or avoids problems that may arise during the process.

A Relationship You Can Trust

We work hard to build a relationship of integrity and trust with every client. Our specific fiduciary duties involve matters of great discretion, which we administer without fail. We provide sound, cost-effective advice that provides peace of mind for the principals and their families. We assist clients with their financial and medical needs, in accordance with our clients’ specific wishes and requests.

We're Here to Protect You

In matters where trust and loyalty are key factors, Mile High Estate Planning has the experience and excellent track record. Whether you need a financial or medical power of attorney, a conservatorship, or a trusted fiduciary to administer your estate or trust, Mile High Estate Planning can help. Use the questions below as a guideline to help determine whether you could benefit from fiduciary services.

Fiduciary FAQs

1What is a fiduciary?

A fiduciary is a person or organization that acts on behalf of another person or persons to manage assets. Essentially, a fiduciary owes to that other entity the duties of good faith and trust. The highest legal duty of one party to another, being a fiduciary requires being bound ethically to act in the other's best interests.a

2What is the difference between a fiduciary and a financial advisor?

The biggest difference between fiduciary vs. financial advisor is the standard fiduciaries are held to when advising clients. Most financial advisors have to sell investments that are suitable for clients, but fiduciaries must act with a higher standard of care.

3Should you use a fiduciary?

If you are looking for someone to handle an estate after the person passes away, or would like to have professional assistance regarding medical or financial matters for someone who has become incapacitated, a fiduciary can work closely with you to help ease the burden during such difficult times.

4What does a fiduciary do?

Fiduciaries can serve in any number of roles in your estate, both before and after your death. They're hired to act in your best interests, and they must set aside their own personal motivations in favor of your goals and wellbeing.

The fiduciary is responsible for settling your estate in accordance with the directions included in your last will and testament. If you die without leaving a will, the court will appoint someone to this position. You can appoint one or more individuals or an institution, such as an attorney or trust company.

A fiduciary is charged with gathering your assets and settling your final debts and tax obligations from estate funds, then distributing the remainder of your estate to your beneficiaries or, if you don't have a will, to heirs set by state law. Their fiduciary responsibility is to your estate as well as to your beneficiaries.

5What does it mean to have a fiduciary responsibility?

Fiduciary responsibility refers to the obligation that one party has in relationship with another one to act entirely on the other party's behalf and best interest. It is considered to be the standard of the highest care. The individual who has the responsibility of being a fiduciary is referred to as the fiduciary.

6What is a trustee?

A trustee manages assets on behalf of the person who established the trust. A trustee is legally bound to protect the trust assets for the benefit of the beneficiaries. He or she holds the legal title to the trust’s assets and must not act in any way that could compromise the trust assets.

7What is an estate?

Legally, a person's estate refers to an individual's total assets, minus any liabilities. Generally, an individual draws up a will which explains the testator's intentions for the distribution of their estate upon their death. A person who receives assets through inheritance is called a beneficiary.

8How do I set up a free consultation?

We are an estate planning law firm located in Denver, Colorado. Please contact us today to schedule your no cost, no obligation initial consultation.

Have a question or a comment? Send us a message.