Menu ${}${SEMFirmNameAlt}${}${SEMFirmNameAlt}
Practice Areas
Let's Get Started!

What's the role of powers of attorney fiduciary?

If you've begun the estate planning process, then you've likely heard the term "fiduciary" thrown about. This word can be used to describe the duty that either an institution or a person has to protect the interests of another with the utmost loyalty, trust and honesty. Some refer to this obligation as providing a "higher standard of care".

Many aspects of the estate planning and settlement process involve assigning someone else fiduciary duties. Those appointed to take on this role may be real estate or mortgage brokers, financial planners, attorneys, accountants or personal bankers. They even may be your family member or a trusted friend.

When it comes to a durable power of attorney, you may use it to appoint someone to take care of making financial decisions on your behalf. You may have a trusted wealth manager whose instincts you trust. If you do, then you may appoint him or her as your fiduciary. That person would be essentially on call to handle your investments, real estate portfolio, intellectual property rights and other assets on your behalf if you become unable to do so yourself.

If you draft a health care proxy, another type of power of attorney, then you'll need to select someone to serve as your fiduciary as well. The person that you appoint to that role should be made aware of your treatment preferences in advance of you signing the advance medical directive.

Once you sign it, your fiduciary's responsibility becomes ensuring that the medical decisions that he or she voices to doctors are in alignment with what you've dictated in this medical power of attorney.

When it comes to health care proxies, there are two situations in which your fiduciary would be called upon to make these decisions for you. They could voice your wishes if you were to become comatose or otherwise permanently incapacitated that you couldn't do so on your own.

Choosing someone that can be trusted enough to make decisions that are in both in alignment with your wishes and in your best interest isn't an easy task. A Waltham powers of attorney lawyer can guide you in making the best fiduciary choice possible.

Source: The Motley Fool, "What is a fiduciary?," accessed June 15, 2018

No Comments

Leave a comment
Comment Information

Serving businesses and individuals throughout Massachusetts

Braintree Office
25 Braintree Hill Office Park
Suite 406
Braintree, MA 02184

Toll Free: 888-759-5109
Fax: 617-523-5653
Braintree Law Office Map

Cranston Office
200 Midway Road
Suite 159
Cranston, RI 02920

Toll Free: 888-759-5109
Cranston Law Office Map

Hyannis Office
1330 Phinney’s Lane
Hyannis, MA 02601

Toll Free: 888-759-5109
Hyannis Law Office Map

Norwood Office
520 Providence Highway
Suite 10
Norwood, MA 02062

Toll Free: 888-759-5109
Norwood Law Office Map

Waltham Office
375 Totten Pond Road
Suite 200
Waltham, MA 02451

Toll Free: 888-759-5109
Waltham Law Office Map

Westborough Office
276 Turnpike Road
Suite 228
Westborough, MA 01581

Toll Free: 888-759-5109
Westborough Law Office Map

Woburn Office
444 Washington Street
Suite 203
Woburn, MA 01801

Toll Free: 888-759-5109
Woburn Law Office Map

Longmeadow Office
Williams Place
813 Williams Street
Longmeadow, MA 01106

Toll Free: 888-759-5109
Map & Directions