Tag: how do i find a fiduciary

  • How to Choose the Best Fiduciary

    Two of the most frequently asked questions I hear are “How do I choose a trustee?” and “Am I choosing the right trustee?” Here are six criteria to help you choose the right fiduciary for you:

    1) Do you TRUST him/her? Trust is crucial. You are trusting the fiduciary to care for you during periods of incapacity and to carry out your wishes when you pass.

    2) Is he/she AVAILABLE? Ideally, the fiduciary will live near you or have immediate access to you when you need assistance.

    3) Is he/she ABLE? Being a fiduciary can be stressful and require “running around” on your behalf. You will want to make sure your fiduciary is able to respect your values and beliefs so they are able to carry out your wishes.

    4) Is he/she WILLING? Make sure he/she is willing to be your fiduciary.

    5) Does he/she KNOW your beneficiaries? Having an existing relationship and understanding the needs of the beneficiaries is crucial to ensure the beneficiaries are taken care of.

    6) Does he/she have any GHOST PLAYERS? Ghost players are people that may adversely influence the fiduciaries decision-making.

    Your best choice will be a fiduciary who meets all these criteria. If no one suitable can act your fiduciary, hiring a professional third-party fiduciary to act on your behalf may be appropriate.

    STEPHEN B. YIM, ATTORNEY AT LAW
    2054 S. Beretania St., Honolulu, HI 96826
    808-524-0251 | www.stephenyimestateplanning.com

    Two of the most frequently asked questions I hear are “How do I choose a trustee?” and “Am I choosing the right trustee?” Here are six criteria to help you choose the right fiduciary for you.

  • What is a Fiduciary?

    Judge gavel with scales of justice, Business people and male lawyers discussing contract papers at law firm in office. Concepts of law.We hear the word “fiduciary” used more and more. But what does it mean? The origin of the word comes from the Latin word “fidere,” which means “to trust.”

    Today, we use “fiduciary” as a noun, meaning a trustee, a word most of us are familiar with. Fiduciary is also an adjective, referring to a relationship of trust and good faith between the fiduciary and the person for whom the fiduciary acts.

    A fiduciary assumes responsibility for the affairs of another person (usually called the principal, ward or beneficiary).

    There are three important duties that are required of a fiduciary:

    • The Duty of Care is the responsibility to make decisions in good faith and in a reasonably prudent manner.
    • The Duty of Good Faith requires the fiduciary not to act in a fraudulent or deceitful way or to the detriment of the person.
    • The Duty of Loyalty means acting only for the benefit and of the person without any self-interest or economic conflict.

    In summary, a fiduciary has legal and ethical obligations to act in the best interest of the person in all situations and to put those interests before his or her own.

    What we don’t often realize is that this word applies to various types of professional relationships in our lives, such as:

    • trustee and beneficiaries
    • estate executor and heirs
    • guardianship or conservatorship and ward
    • attorney and client
    • doctor and patient
    • directors of corporations and shareholders
    • real estate agents and buyers or sellers
    • financial advisors and clients

    Fiduciaries may perform many roles for you during your life and after your passing.

    While choosing a fiduciary for your medical, financial and estate planning needs may not be easy, finding the right fiduciary should provide peace of mind that your interests are looked after in a responsible manner.

    HAWAII FIDUCIARY SERVICES, LLC
    3615 Harding Ave., Ste. 309, Honolulu, HI 96816
    808-777-4200 | kholt@hifiduciaryservices.com
    www.HawaiiFiduciaryServices.com

    We hear the word “fiduciary” used more and more. But what does it mean? The origin of the word comes from the Latin word “fidere,” which means “to trust.” Today, we use “fiduciary” as a noun, meaning a trustee, a word most of us are familiar with. Fiduciary is also an adjective, referring to a…