Colorado Professional Fiduciary
The Care Navigator serves as Colorado professional fiduciary in the roles of medical and financial power for clients in the Front Range and the Denver area. The relationship of power of attorney is considered a professional fiduciary relationship in the state of Colorado meaning a relationship based on confidence and trust that the Colorado power of attorney or Colorado professional fiduciary will act in the client’s best interest to protect health, property, or money.
For some clients the Colorado professional fiduciary, or Colorado power of attorney relationship, is future oriented rather than immediate. Individuals who are forward thinking will plan ahead to a time when a Colorado professional fiduciary might be needed as the result of advancing health issues, illness, or aging. The Care Navigator serves as medical and financial power of attorney. A plan to establish a professional fiduciary relationship with individuals who serve as power of attorney in Denver, Colorado is especially relevant when children live at a distance or reside locally but have not proven to be financially responsible.
What Situations Does a Colorado Professional Trustee Observe?
In other situations, parents do not wish to burden children with the professional fiduciary responsibility but prefer to have this responsibility provided by a local Denver, Colorado professional organization like The Care Navigator. This action eliminates the potential of hurt feelings of one child being preferred over another to serve in a professional fiduciary capacity. Additionally using The Care Navigator as professional fiduciary in the Denver area eliminates the possibility that a child assigned power of attorney may act in ways that do not support the parent’s best interest to protect health, property, or money.
Statistics indicate that the majority of elder abuse presenting in financial abuse results from family perpetrators who are many times the children of the elderly parent. In many situations, adult children with control of parental finances are tempted to use the funds for their own use to pay monthly bills or take out loans that are rarely if ever repaid. Other individuals with cognitive impairment, like Alzheimer’s disease, are vulnerable to those who might wish to take advantage of finances.
This mis-use of finances complicates care for the parent or individual at the time a Medicaid application is to be completed when there is no clear explanation or documentation of why finances were spent for the benefit of the adult child who may be the power of attorney. The parent is simply declined by Medicaid due to the poor actions of the child who mis-used funds and the parent is denied beneficial or needed care until the money is repaid by the child that is unlikely if the child has poorly managed their own finances and the finances of the parent.
In these instances, most parents refuse to press criminal charges against their own children who clearly did not manage health, property, or money in a fiduciary capacity. Additionally the legal system finds it challenging to press charges against family members who have been assigned power of attorney by a family member and even more difficult to win court cases associated with improper management of a parent’s funds.
What other situations does a Colorado Professional Fiduciary Deal With?
Other situations in which The Care Navigator acts as Colorado professional fiduciary in the role of Colorado power of attorney may be utilized is with persons who have never married or may be widowed and do not wish to rely on brothers, sisters, or friends to act in this capacity. Individuals involved in second marriages also utilize professionals like The Care Navigator to serve as Colorado professional fiduciary in the role of Colorado power of attorney as they may not wish to place this responsibility on a spouse or children who may be from a second marriage.
The decision to utilize The Care Navigator as Colorado professional fiduciary in the role of Colorado power of attorney is a personal decision. Some parents feel guilty when choosing a professional fiduciary; however realize that due to family circumstances this is the best choice. Single individuals who are proactive wish to have the responsibility assigned prior to the time a power of attorney may be needed.
Many fiduciaries have professional designations to support their expertise in this area. Professional designations for fiduciaries may include certified guardian, accredited investment fiduciary, or registered fiduciary. These designations require continuing education and participation in best practices to ensure that these professional fiduciaries participate under guidelines to support conduct corresponding with the fiduciary relationship.
Many states, like Colorado, have specific guidelines for oversight of professionals and companies who serve as professional fiduciaries in the role of power of attorney. This oversight includes review of compensation and specific requirements for documentation regarding use of funds and medical care. All expenses are documented as well as all communication involved in the support of medical care and this information is shared with clients or other individuals who may be designated to provide oversight.
The Care Navigator serves the Front Range and Denver as Colorado professional fiduciary in the role of medical and financial power of attorney. Our goal is to understand the preferences of our clients for whom we have a professional fiduciary relationship and serve as medical power of attorney or financial power of attorney.
Just as a parent would share preferences with a family member appointed power of attorney, The Care Navigator ensures that we have a clear understanding of our client’s wishes and desires so that at the time we may act on a client’s behalf we are acting as they would if they were able to implement decisions about financial matters or medical care.
At the time documents are executed for power of attorney by a client’s probate or estate planning attorney, The Care Navigator is provided copies for our files. This ensures that if we are called to a hospital emergency room or other location as the result of an unexpected accident we have the documents available to present that identifies our fiduciary relationship.
When appointed, The Care Navigator meets with our clients to discuss the provision of thorough background information including desires for medical care and financial matters. Some clients desire that all efforts, both medical and financial, are acted upon to provide the best care possible.
Other clients have firm beliefs in not pursuing significant medical or financial efforts to preserve life and place this direction in a living will. This clarity allows The Care Navigator to ensure that we support the client’s wishes at the time our assistance is needed to act as Denver power of attorney or Denver fiduciary.
This clarity in direction can eliminate potential disagreement by family members about what a loved one would have wanted relative to medical care or financial expenditures. When The Care Navigator acts as Colorado power of attorney or Colorado professional fiduciary there is less likelihood that families will disagree over the direction provided to a professional. Many times if family dynamics indicate that there may be disagreements, provisions may be inserted into the power of attorney documents to avoid family disagreement or intervention.
All individuals over the age of 21 should have medical power of attorney and financial power of attorney documents as well as a living will. One never knows when an unexpected event might occur, requiring the assistance of a family member or professional fiduciary assigned with the responsibility to protect health, well-being, financial matters, and property.