Your elderly parents can stop worrying about their day to day money management tasks, insurance paperwork and other routine financial management concerns with consistent, dependable fiduciary services from Silver Wings Care Management. We have helped hundreds of clients and their families by acting as their fiduciary for financial matters and we can help your family too. Here’s how those services work and what they can do for you and your family.
- What Is A Fiduciary
- What Are Fiduciary Services?
- When Does A Person Need Fiduciary Services?
- How Does A Person Become Qualified To Be A Fiduciary?
- Are You Insured, Licensed And Bonded?
What Is A Fiduciary?
A fiduciary is a person who is trusted by another person, called the beneficiary, to perform one or more services for the beneficiary. The most common duty for a fiduciary is to be entrusted to manage the assets of the beneficiary. Assets can be money, securities or other things of value. The duty of the fiduciary to carry out her or his responsibility for the beneficiary in a trustworthy manner is the highest standard of care recognized under the law.
What Are Fiduciary Services?
The most common services performed by fiduciaries for the benefit of the beneficiary include the following tasks, although there are many others that can also be performed by a fiduciary.
- Hold and manage assets owned by the beneficiary
- Pay bills on behalf of the beneficiary
- Receive payments or other income on behalf of the beneficiary
- Review bills and invoices with client and challenge discrepancies
Some of the fiduciary services that Silver Wings provides include, but are not limited to, the following:
- Assistance with Financial Benefit Programs
- Bill Pay and Monitoring / Daily Money Management
- Medicaid Applications
- Fiduciary Services-Trustee, Trust Funding, Personal Representative
- Government Assistance Programs
- Insurance Assistance
- Probate Services
When Does A Person Need Fiduciary Services?
Often, a fiduciary is engaged to perform services on behalf of a beneficiary who is unable to perform those tasks on his or her own due to lack of ability, such as elderly persons who lack the cognitive ability or financial knowledge to perform those tasks for themselves, or where family members are too far away to be able to perform those tasks for elderly loved ones who live in the Silver Wings service area.
How Does A Person Become Qualified To Be A Fiduciary?
In the state of Florida, unlike some states, there is no specific professional license available for, nor required to perform services as, a professional fiduciary. The Florida state statues do, however, specify the duties and responsibilities of fiduciaries in a number of specific circumstances, such as for public officials, as well as for anyone acting in a fiduciary role for others.
Most persons acting as professional fiduciaries offering services to the public have specific training, education and experience in legal and accounting matters that qualify them to hold the unique position of trust that fiduciaries hold and to carry out the many accounting-related tasks that are an everyday part of the fiduciary’s role.
Are You Insured And Bonded?
We carry professional liability insurance as well as fidelity bonding to protect our clients.