Fiduciary and Guardianship Services

What is Guardianship? And, Who needs a Guardian?

Incapacity, Disability, or Death are life changing events which we all will face at some time in our lives. Protecting ones self, or loved ones, who are no longer able to act for themselves, or their assets, is an essential life planning component. People who find themselves in unfamiliar territory through incapacity, disability, or death may be unable to act for their own benefit and so they look to Professional Fiduciaries/Guardians to fill this role for them.


In these cases, a Professional Fiduciary can provide the direction, capability and confidence for individuals and families to overcome the challenges intrinsic to these difficult situations. Professional Fiduciaries/Guardians of persons or estates are often selected to act in a place of Authority for the benefit of someone else (the Client). The extent of the acts of authority, are defined by either the courts, personal selection, or by Trust directives.


Professional Fiduciaries/Guardians are highly specialized Professionals who have extensive backgrounds in Healthcare, Finance, Real Estate, Estate Planning and Business to name a few. The Professional Fiduciary/Guardian is required by law, profession, and the courts to utilize this vast knowledge in order to either directly substitute their clients judgment or to act in their best interest.

 
Professional Fiduciaries/Guardians are committed to fill many roles, they are; Advocates, Surrogate Decision Makers, Coordinators and Monitors of Services, Financial Planners and Estate Managers, Professional Practitioners, Housing and Placement Specialist, Entitlement and Benefit Analysts, Civil, Religious, and Property right advocates, and Specialist in supporting independence and the wishes of its clients.  
 

The relationship between a Professional Fiduciary/Guardian and the Client is a legal one. The decision to place a Professional in this capacity is best decided, if possible, when the Client is most capable, when they can be a part of the selection process. Each relationship held between a Fiduciary/Guardian is unique and personalized.

With True Wealth Advisory Group, you can be assured that no rock will be left unturned, or wishes not fully realized from the onset of this mutually fulfilling relationship.


If you are interested in learning how True Wealth Advisory Groups Professional Fiduciary/Guardianship services can help you in the following areas, call us at 1-888-679-5887

 

Guardianship of the Trust/Will

This role is defined by the selection of a Guardian, often referred to as a Trustee or Personal Representative, in Trust Documents. Trust Documents are often prepared by Attorneys, although some individuals prepare their own, which identifies a person (Trustee/Personal Representative) who will execute, direct, and facilitate a client’s wishes upon their incapacity or death.


When you name a person as a Trustee or Personal Representative in your legal documents, that person is your Personal Fiduciary. He or She will take control of your assets and manage, distribute, and care for them under the terms and wishes of your Will or Trust. This person, if a Professional Fiduciary, (vs. a family member or friend) is held to a high professional and legal standard. They are legally accountable to your estate and its beneficiaries to act in the manner which you specified in your documents.  
 

Professional Fiduciaries charge a fee for their services. Consequently, sometimes to avoid this fee, individuals will name family members or friends as Personal Representatives/Trustees. However, administering an Estate is not a duty to be taken lightly, it demands extensive knowledge, time, and commitment which requires skilled and knowledgeable attention. Most Attorneys will discourage their clients from choosing less experienced and non-professional family members to fill this role due to statistical data showing that mismanagement, misappropriation, and misguided decisions can cost far more in family breakdown, asset deterioration, and extensive time demands.


Personal Representatives/Trustees can bring a lot of peace of mind to individuals, family members, and beneficiaries of Estates. Trustees are intimately familiar with the expectations of them, and will fulfill the obligations of this role in a supportive, compassionate, and highly communicative manner. Families find great comfort in knowing that their Personal Representative will handle this often sensitive situation with professionalism and care assuring that even in their mental or physical absence their wishes will be upheld and implemented.

Guardianship of the Person

A Guardian of the Person is a Guardian who possesses any or all of the powers and rights granted by the court with regard to the personal affairs of an individual.


When an individual is unable to make and carry out decisions regarding his/her personal welfare and basic needs, a Guardian of the Person may be appointed or chosen to make the decisions for them. The Guardian makes critical decisions about the medical treatment, care, placement, and lifestyle of the person receiving Guardian services. The Guardian is granted authority to act, through the court system, over the person (often referred to as a ward) and is responsible for arranging for the ward their personal needs, such as shelter, food, medical care, social services, entitlements, education, and rehabilitation. The Guardian owes the individual a special Fiduciary duty of care and accountability.


One of the primary goals of a Professional Fiduciary/Guardian is; to protect the individual while simultaneously advancing the individuals autonomy.

Guardians at True Wealth Advisory Group subscribe to the fundamental principal that each individual is valuable and should be afforded the same dignity, respect, choices, and responsibilities as all members of society who value independence. We take great care to not infringe on the rights of Wards to learn, grow, and participate in their life choices.


Plans of Care
Guardians of the Person will complete initial and ongoing needs and function assessments in order to act on the most current and appropriate level of care. The True Wealth Advisory Group Fiduciaries will create a Plan of Care that intergrates the need of the Ward with the vast knowledge and experience of the Guardian in order to best support the Wards autonomy and well being. Some essential elements of our Care Plans are:


People-Centered, we will investigate care options and arrange for essential services which inspire and support autonomy. In addition, we will establish and maintain working relationships with service providers to best facilitate open communication.


Promote Trust and Confidence
, a healthy and respectful relationship that honors the independence of the Ward while providing valuable insight and firsthand knowledge of the Wards needs, comforts, satisfactions, and desires.
 

Monitoring Care, you will never be alone when you have a Guardian of the Person. We will frequently visit you in order to verify and evaluate the care and safety measures that you are receiving. We are committed to supporting and/or changing anything that is not satisfactory to you.
 

Protect from Harm, we will watch for signs that the Ward is not being cared for properly, being mistreated, or taken advantage of. Our current experience, as well as our continued commitment to excellence will prepare us to detect and eradicate any sources of potential or evident harm.

 

Guardianship of the Estate

A Guardian of the Estate (also known in some States as a Conservator) is established when a person has been determined unable to handle his/her financial matters (this person is also known as a Ward).

The primary reason for appointing a Guardian of the Estate is to protect the income and assets of the Ward from waste or undue influence. The Guardian of the Estate is a person who has been designated to exercise any or all powers and rights with regard to the real and personal property of an individual.

The responsibility and authority to act as the Guardian of the Estate are defined by State law and the court. In general they can include some or all of the following:

  • Making an inventory of the assets of the Estate
  • Collecting the Wards income and other money due and applying for any benefits to which the Ward is entitled.
  • Creating a budget for the Ward which provides for basic needs, care costs, and service providers compensation be covered while simultaneously safeguarding essential resources.
  • Creating a Management Plan that sets short and long term goals for financial resources.
  • Paying the Wards bills and expenses on-time, and in-line with the budget.
  • Anticipating current and future needs, and requesting court approval for expenditure of funds.
  • Investing assets and income in prudent investments which meet the needs of the ward, the needs of the State law,  and the court orders.
  • Accounting to the court, keeping record and sound stewardship of the money coming into the estate, its expenditures, and its residual estate.
  • Preparing a final report and accounting of the estate when the Guardianship of the Estate ends.

 

 

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