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Legal Duties of Fiduciaries Lori Stiegel, American Bar Association Commission on Law & Aging Howard Berk, Illinois Disability Association Wendy Cappelletto,

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Presentation on theme: "Legal Duties of Fiduciaries Lori Stiegel, American Bar Association Commission on Law & Aging Howard Berk, Illinois Disability Association Wendy Cappelletto,"— Presentation transcript:

1 Legal Duties of Fiduciaries Lori Stiegel, American Bar Association Commission on Law & Aging Howard Berk, Illinois Disability Association Wendy Cappelletto, Office of the Public Guardian of Cook County Kerry Peck, Peck Bloom LLC IDoA Adult Protection & Advocacy Conference 20131

2 Acknowledgement This session is based on four national guides for laypersons that the Consumer Financial Protection Bureau (CFPB) will publish through a contract with the American Bar Association Commission on Law and Aging. The CFPB, through its collaboration with the Commission and experts in six states, also will publish state-specific guides for those six states, one of which is Illinois. IDoA Adult Protection & Advocacy Conference 20132

3 Four Types of Fiduciaries Agent under a power of attorney Guardian of the estate Representative payee and VA fiduciary Trustee under a revocable living trust IDoA Adult Protection & Advocacy Conference 20133

4 Four General Duties of Fiduciaries 1. Act only in persons best interest 2. Manage persons money & property carefully 3. Keep persons money & property separate from their own 4. Keep good records and report as required IDoA Adult Protection & Advocacy Conference 20134

5 Duty 1: Act only in persons best interest All four types of fiduciaries should: Read & follow key documents Avoid conflicts of interest Avoid borrowing, loaning, or giving the persons money to themselves or others Avoid paying themselves unless allowed IDoA Adult Protection & Advocacy Conference 20135

6 Duty 1: Act only in persons best interest Agents & guardians also should: Involve person in decisions to extent possible Avoid changing persons estate plans Agents & trustees also should: Understand when their authority takes effect IDoA Adult Protection & Advocacy Conference 20136

7 Duty 2: Manage persons money & property carefully All four types of fiduciaries should: Protect persons money or property Pay bills and taxes on time Agents, guardians, & trustees also should: List persons/trusts money, property, & debts Collect debts owed to person Invest assets carefully Carefully choose & monitor helpers IDoA Adult Protection & Advocacy Conference 20137

8 Duty 2: Manage persons money & property carefully Guardians also should: File inventory with court Make financial plan Help person get benefits due Rep payees/VA fiduciaries also should: Meet needs for food, clothing, & shelter Consider the persons dependents Protect money from creditors claims IDoA Adult Protection & Advocacy Conference 20138

9 Duty 3: Keep persons money & property separate All four types of fiduciaries should: Keep persons money separate from theirs Properly title money or property Sign documents as fiduciary Pay persons expenses from persons funds IDoA Adult Protection & Advocacy Conference 20139

10 Duty 4: Keep good records & report as required All four types of fiduciaries should: Keep detailed list of assets received or spent Keep receipts & notes, even of small expenses Avoid paying in cash Keep detailed records of work & charge reasonable fee if being paid IDoA Adult Protection & Advocacy Conference

11 Duty 4: Keep good records & report as required Guardians also should: File accountings with court as required File final accounting after person dies Rep payees/VA fiduciaries also should: File reports with agency as required Keep agency informed about persons status Keep agency informed about themselves IDoA Adult Protection & Advocacy Conference

12 Other Information in the Guides Other fiduciaries Government benefits Avoiding problems with family or friends Working with professionals IDoA Adult Protection & Advocacy Conference

13 Other Information in the Guides Financial exploitation Consumer scams Resources IDoA Adult Protection & Advocacy Conference


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