Fiduciary

A person or company that manages money for a person or beneficiaryA person who will receive something, possibly cash or real estate or personal property, through a Will or trust or income from a Will or Trust. A beneficiary can be a Specific Bequest beneficiary or a Residual beneficiary., such as an agent or attorney-in-factA person also referred to as an “agent” that is appointed by a Power of Attorney document to handle financial affairs for another person while that person is alive. under a Durable Power of AttorneyA Financial Power of Attorney that does not terminate if the person making the power of attorney becomes incapacitated., a TrusteeThe person or company named in a trust to manage property and assets of a trust. Usually a trust will name an initial trustee or co-trustees and successor trustees. A trustee has the duty to act in the best interest of the person for whom they are managing the funds and is considered a Fiduciary. Most people that set up Revocable Trusts to avoid probate, name themselves as Trustee and also name successor trustees to take over upon death or upon incapacity. under a TrustThe arrangement creating the legal ownership of assets by a trustee for the benefit of the Settlor and/or other beneficiaries., or a Personal Representative under a WillA written document that sets forth and names the personal representative who will be in charge of overseeing the probate process and names the specific bequest and residual beneficiaries of property who are to receive and inherit assets and property through probate. A Will does not avoid probate, and must be properly drafted and executed to be legal. A Will can also avoid the use of a surety bond in many instances and can help utilize an “informal” Wisconsin probate process if it has the proper clauses and attestation clause.. A fiduciaryA person or company that manages money for a person or beneficiary, such as an agent or attorney-in-fact under a Durable Power of Attorney, a Trustee under a Trust, or a Personal Representative under a Will. A fiduciary normally has an obligation to act in good faith and in the best interest of the person who they represent and are governed by laws and a standard of care and should act in a prudent manner. In Wisconsin this term is most often used to refer to a Personal Representative or a Trustee. normally has an obligation to act in good faith and in the best interest of the person who they represent and are governed by laws and a standard of care and should act in a prudent manner. In Wisconsin this term is most often used to refer to a Personal Representative or a TrusteeThe person or company named in a trust to manage property and assets of a trust. Usually a trust will name an initial trustee or co-trustees and successor trustees. A trustee has the duty to act in the best interest of the person for whom they are managing the funds and is considered a Fiduciary. Most people that set up Revocable Trusts to avoid probate, name themselves as Trustee and also name successor trustees to take over upon death or upon incapacity..