In a position of trust, and assuming responsibility for an individual or estate, the fiduciary is expected to adhere to a strict code of ethics.
A fiduciary is a person who assumes responsibility for an individual or estate by acting as conservator, trustee, executor, estate administrator, or agent under power of attorney. In this position of trust, the fiduciary is expected to adhere to a strict code of ethics.
Who Appoints a Fiduciary?
Fiduciaries who serve as conservators of the person and/or the estate, are appointed by the Court. Fiduciaries who serve as trustees may be appointed by the Court or an individual.
What is the responsibility of a fiduciary?
The fiduciary is responsible for prudent management of assets and for protecting vulnerable and incapacitated persons from abuse and/or neglect.
What governs the conduct of fiduciaries?
State Probate Code binds all fiduciaries. Additionally, members of PFAC (Professional Fiduciary Association of California) are governed by a strict code of ethics and standards of practice. Annabelle Wilson is a member of PFAC.
Commentaires