Frequently Asked Quesions
What is a professional fiduciary?
A Professional Fiduciary is someone entrusted to make decisions on behalf of another individual, often in a financial capacity. Professional fiduciaries provide financial management services ranging from basic bill paying to estate management.
What services do professional fiduciaries provide?
Professional fiduciaries may serve in the role of trustee, conservator, executor of an estate, a daily money manager or as an agent under a power of attorney.
When should someone hire a professional fiduciary?
When doing advanced estate planning, a person with full mental capacity may name a private fiduciary to manage their finances in the event of future incapacity. A professional fiduciary can also oversee finances of someone with impaired mental capacity such as an older adult with dementia or Alzheimer’s that did not do advanced estate planning by being legally appointed by the court. A professional fiduciary may also be beneficial in circumstances where there is concern for undue influence of financial exploitation of a vulnerable individual.
Who do professional fiduciaries serve?
Professional fiduciaries serve a wide range of individuals including seniors and adults with disabilities. For people with challenging family dynamics, a professional fiduciary can serve as an independent third-party. For individuals without next of kin, a professional fiduciary may serve an important role in administering their estate or trust.
How are professional fiduciaries appointed?
A professional fiduciary can be appointed by naming them in a power of attorney, trust document or will. If a person becomes incapacitated without appointing a fiduciary, a court can appoint one through a conservatorship or guardianship proceeding.
What is the difference between a will and a trust?
A will takes effect after your death to distribute assets, but it goes through a public probate court process. Whereas a trust takes effect when you create and fund it. Assets held in a trust typically avoid probate, allowing for faster and more private distribution. A trust can manage assets during your life and after and offers greater control over when and how assets are distributed.
Do I need a trust?
Consulting with an estate planning attorney is always advised in order to get expert legal guidance that ensures your assets are distributed according to your wishes. Some people may wish to create a trust if they want to avoid probate, maintain privacy for their estate, have more complex asset distribution needs, or want to manage assets for beneficiaries over a longer period of time.
What is probate?
Probate is a court-supervised legal process to validate a will and distribute a deceased person’s (decedent’s) assets to their beneficiaries after paying all debts and taxes. It ensures that a deceased person’s property is collected, managed, and transferred according to their will or, if there is no will, according to state intestacy laws.
Employee Self Service Portal
Welcome to our Employee Self-Service (ESS System). This site is for veterans and their employees/caregivers only. Unique login credentials provide access to timesheets, paystubs, W2’s and other tax information. If you currently do not participate in the direct deposit option, this is a great time to consider this option!
If you have forgotten or lost your PIN and Employee ID, please email payroll@406llc.org. Additionally, you will need the last four digits of your Social Security Number and your zip code to establish a new account.