As seniors plan for the stages of their later life, they face decisions about their finances, trust, and health. Therefore, creating a multi-fiduciary plan for the future is essential so that you are not in a vulnerable position should you lose the capacity to manage your legal, financial, or medical affairs.

There are reasons many seniors avoid or delay completing all the necessary steps needed to outline their wishes clearly. A professional fiduciary can remedy your concerns and leave you and your family more prepared for the future. So let’s look at why a professional fiduciary is a good choice.

A fiduciary is a person who holds legal or ethical relationships of trust with one or more persons. They act on behalf of one person in a position of vulnerability. Good conscience requires the fiduciary to act for the sole benefit and interest of the one who trusts. Managing these roles and responsibilities is not taken lightly. A fiduciary’s duty is the highest standard of care in equity or law.

Finally, and perhaps the most significant reason some seniors tum to a professional fiduciary is to avoid family conflict. Parents may wish to name a child as their agent, but disagreements over handling decisions can get ugly if there are multiple children. A professional fiduciary acts objectively, ensuring the person’s affairs are handled without drama.

Some seniors may want to consider a professional fiduciary because they do not have close family members. Conversely, a senior might have many choices of loved ones to trust with the role, but the family members live far away or lack the appropriate skills for the position. In addition, the next of kin may not have a background in finance, elder care law, or medical oversight within the state of Florida. A professional fiduciary can give the senior peace of mind that qualified individuals familiar with their affairs will ensure their wishes will be protected within the confines of state and federal laws.

It may seem unnerving to appoint someone you do not know to handle important financial and medical decisions. Still, professional fiduciaries must follow stringent guidelines and a code of ethics regulated by the state. In addition, there are several different kinds of fiduciary relationships, so reach out to a trusted advisor on the best fit for you.

Safe Harbor Eldercare Services has successfully worked with a senior’s already well-established team of advisors. Advisors have known the senior for sometimes twenty years or more, bringing precious historical value regarding the senior’s wishes and concerns.

Safe Harbor Eldercare Services, if appropriate, can provide clients and families with the comfort and safety of fiduciary services. Safe Harbor Eldercare Services will partner with objective legal and financial/accounting expertise ensuring the person’s affairs are taken care of without the added drama that can, unfortunately, arise during times of transition or emergent health events.

No matter the complexity of the family or individual’s financial or health situation, Safe Harbor Eldercare Services can help. Contact us today or call at (866) 742-7267.

Sources:
https://safeharboreldercare.org/
https://www.agingcare.com/articles/what-is-a-professional-fiduciary-153522.htm