What you need to know about professional fiduciaries

June 03, 2019

Typically, individuals engage professional fiduciaries directly and voluntarily, but that isn't always the case. Guardians are court-appointed fiduciaries charged with serving the best interests of persons legally determined to need help caring for themselves.

According to a recent op-ed in the Philadelphia Inquirer, there are roughly 1.3 million adult guardianships in the U.S. controlling more than $50 billion in assets.

Usually, family members or close friends petition the court to intercede on behalf of the person subject to guardianship. However, if the court finds that family and friends may not be ready, willing or able to serve in that capacity, a professional fiduciary may be appointed.

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