We can help you with a variety of services:
The foundation of a fiduciary is a person who assumes responsibility for a position of trust. There are many different circumstances in which a fiduciary is obtained, but we at Reliance Fiduciary may serve in the role of trustee, successor trustee, personal representative (executor) of an estate, attorney-in-fact (agent under health/financial power of attorney), personal finance manager, and Court-Appointed Guardian and Conservator. We also provide services in Arizona Long Term Care System applications and conservatorship reporting (Budget, Accounting, Inventory preparation).
The fiduciary as trustee is nominated by the maker of a trust (also known as a Grantor) and has the responsibility of carrying out the terms of the trust as set forth in a trust document. A successor trustee assumes responsibility when the current acting trustee no longer manages the trust or there is a vacancy in the role, which can occur for a variety of reasons. The process of managing a trust is called Trust Administration which occurs during and after the person’s lifetime.
Personal Representative (executor) of an Estate
A personal representative is the term for the appointed administrator for the estate of a deceased person. The personal representative may be named in the will, or the court may appoint a licensed fiduciary if there is no will or the nominated person cannot serve. In Arizona, a personal representative is usually appointed by a Superior Court Judge or Registrar. As an administrator of the estate, the fiduciary is tasked with marshaling assets, liquidating property (both tangible and real property), notifying heirs, distributing to appropriate beneficiaries, settling outstanding debts, and finalizing taxes.
Attorney-In-Fact (Agent under health/financial power of attorney)
The fiduciary as a named Agent by an individual through a health care power of attorney is tasked to make healthcare related decisions on one’s behalf. The fiduciary as a named Agent by an individual through a financial power of attorney is tasked to handle financial matters on one’s behalf.
A Guardian is appointed by the Probate Court to handle all the medical related decisions of a person who is determined to be incapacitated by the Probate Court and is no longer able to make rational decisions regarding their person. A Guardian is responsible for making decisions regarding appropriate living situations, care coordination, and medical treatment.
A Conservator is appointed by the Probate Court to handle all financial related decisions and manage assets of a person who is determined to be protected by the Probate Court. A Conservator is often times appointed in instances of financial abuse, mismanagement of assets, or to prevent waste of an asset. A Conservator is responsible for marshaling assets, managing appropriately to ensure sustainability for the protected person’s lifetime, and securing any appropriate benefits.
Other Services Provided
Arizona Long Term Care System (ALTCS) Applications
ALTCS is an Arizona Medicaid program that is designed to help fixed income seniors and other disabled individuals afford the long-term care that they need. There are three criteria for a successfully application; Financial, Medical, and Resource. It is recommended you seek a qualified elder law attorney who can thoroughly advise you on your (or your spouse’s) specific eligibility for the program. After eligibility has been determined we can start the application process.
Conservatorship Reporting (Budget and Accounting Preparation)
The case of a Court-Appointed Guardian and Conservator, the court often mandates certain filing requirements. In cases where the court has mandated filing of a budget and annual accountings, we can assist in the preparation of these forms.