Beware bank "trust" officers or brokers who claim to be a fiduciary; the term appears to be broadly used by those not deserving of it. Our uncle hired a trust company as rep payee and trustee for his parents to avoid conflict with his (and Mom's) deadbeat brother.
The trust officer didn't do her duties, first claiming it was because of the pandemic, then claiming it was the family's fault for not getting bills to her to pay, even though she and her bank had put all the bills in the bank's name and changed all addresses to the bank's. So, the family fired the bank trust co., and was about to go on their way when the bank's trust dept. -worried they'd get in trouble for wrongdoing- sued our grandparents and kept them in court for a year. The stress took such a tremendous toll on them that both of them became unable to walk or even stand up and he died of heart failure. She quit eating and dropped down to 80 lbs., so we're sure it's going to kill her too. The sad thing is that they've contacted dozens of attorneys but all of them have a relationship with that bank.
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So how does one become a fiduciary? I am already the POA for finances and health care and doing everything a fiduciary does, only without compensation and I have no desire to have any compensation. Serving my friend is enough reward.
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I have filed for my Mom's A&A and have been told that according to the way a particular question was answered that a fiduciary will have to appointed. I am current her POA and take care of all of her finances. Still Serving Veterans helped get the file claimed and mentioned the fiduciary. I'm just curious what happens to get that done? Does the VA contact me or do I need to do something on my end??
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Thanks for the suggestion.
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You are wise to put a team in place now that you trust and that will be there to assist when and if you should need it. I recommend looking for a Daily Money Manager in your area. I service the New York tri-state area. Several DMM's are insured to serve as a fiduciary should the need arise.
Amy Jo
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Having a team of professionals, since I have no family I can rely upon when the day comes that I can no longer take care of myself, sounds like very good advice.
I want to find that team now, but the fiduciaries I have interviewed will possibly be too old by the time I need them. I am 74 now and in very good health. They are also quite expensive. What should I do?
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As a Daily Money Manager and someonone who acts as a fiduciary to those in need, I heartily agree that checks and balances should be in place. It is always most successful for the client when no one is acting on their own and a team of professionals (and family, if able) are in place to support the elder and prevent abuse.
Amy Jo Neill
Daily Money Manager and Private Fiduciary
Member of AADMM since 2011
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In my experience, Private Fiduciaries, and daily money managers, are running a private business to make money, therefore, the temptation to take advantage of those who cannot fight back is large. A private fiduciary and or private daily money manager for the elderly is something I strongly advise against, in my opinion, and experience. Elderly people are the "Geese with the Golden Eggs" for private fiduciaries. Just ask my sister who has lost everything, including her pride, due to a greedy and hostile private fiduciary.
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