Whether acting as an attorney-in-fact or agent under a Durable Power of Attorney, Trustee of a trust, Health Care Surrogate, Personal Representative or Guardian a fiduciary’s responsibilities are complex. Actions which can be legitimately taken utilizing certain documents, would be considered theft if taken under the provisions of another document. Fiduciaries must use extra care when dealing with the assets of another.
Florida’s new exploitation law is a trap for the unweary. The law has made criminal some actions that a fiduciary may take innocently. Even the failure to act could be deemed criminal. Fiduciaries must understand not only the controlling document but also the law. Every fiduciary should have a working knowledge of the prudent investor rules which dictates appropriate investing.
Fiduciaries are best served by seeking the advice of a knowledgeable attorney in fulfilling obligations inherent in their role. Our life care planning services include helping the family act in their fiduciary role.