Professional Trustee and Guardian Services

What is a fiduciary? 

A fiduciary is someone who accepts the responsibility for taking care of the needs or property of another person for the benefit of that person.  The fiduciary serves in a role of trust.  The person served by a fiduciary places trust in the fiduciary to manage his or her affairs solely for his or her benefit and not for the fiduciary's benefit.  The element of trust becomes crucial when the person receiving services is frail, vulnerable, or incapacitated.

"Fiduciary" is a term which covers a variety of roles in which individuals serve in positions of trust.  Fiduciaries serve by court-appointment as guardians of an incapacitated person or personal representative of a decedent's estate.  Fiduciaries can also serve by agreement as trustees, representative payees for Social Security income or as agents under powers of attorney. 

What is a guardian?

A guardian is appointed by the court to ensure that the personal and medical needs of an incapacitated person are met.  A person is determined by the court to be incapacitated when he or she is at risk of personal or financial harm based upon a demonstrated inability to adequately provide for his or her health and safety and/or manage his or her property and financial affairs.  Incapacity is usually the result of developmental disability, accident, alzheimers/dementia, or mental illness.

Following the appointment of the guardian by the court, the incapacitated person becomes the legal responsbility of the guardian.  The guardian is accountable to the court and must usually report to the court annually regarding the personal and financial status of the incapacitated person.

What is a certified professional guardian?

A certified professional guardian is a guardian who provides guardian services, usually for a fee, and who has been certified by the Washington State Supreme Court under general rule 23.  The certification and re-certification process requires meeting standards of practice as well as ongoing training and education to promote competent and ethical exercise of fiduciary duties in the state.

What is a trustee?

A trustee manages property held by a trust.  A trust is a legal entity created by one or more persons called "trustors" or "settlors", who appoint a trustee to manage the trust's assets according to the terms of the trust.  Upon the creation of the trust, the trustors transfer ownership of property and financial account to the trust which is then managed by the trustee for the benefit of the trustors or the beneficiaries named in the trust.

What is a power of attorney?

A power of attorney is a legal document whereby an individual, known as the "principal," appoints another person as his or her agent to act and make decisions for the benefit of the principal.  These actions and decisions can include both financial and healthcare matters.  The agent appointed under the power of attorney is commonly known as the "attorney -in-fact" for the principal.  If the power of attorney remains effective following the incapacity of the principal it is known as a durable power of attorney.

What is a representative payee?

A representative payee is designated by the Social Security Administration or other income benefit plan to receive monthly income and pay the expenses of an individual who is not able to do so.  The representative payee is accountable to the agency and must usually provide an annual accounting to the agency.

What is a personal representative?

A personal representative is appointed by the court to administer the estate of a person who died, referred to as the "decedent."  The personal representative is responsible for identifying, inventorying and protecting all of the assets in the estate, paying bills and allowable claims against the estate, locating all of the heirs and beneficiaries, paying the administrative costs of probating the estate, and distributing the remaining assets to the heirs or beneficiaries.