What is a Fiduciary?

What is a licensed Fiduciary?

A licensed fiduciary is a non-family member who serves for a fee and must be certified by the state. All fiduciaries, whether serving for a fee or not, are governed by the Arizona Revised Statues. Fiduciary Management Specialists currently has two licensed fiduciaries on staff. A licensed fiduciary and their staff charge hourly rates or fees for specific services. All fees must be approved by the court. The court determines case by case which fees are reasonable and payable by the estate. If you have specific questions about fees please see the FAQs tab under fees, or give our our office a call.

In Arizona, professional fiduciaries must be licensed with the Arizona Supreme Court in order to be eligible for appointment by a probate court as a guardian, conservator or personal representative.  State law requires that to become licensed, fiduciaries must meet certain eligibility requirements, take initial training, pass a test, post a bond, furnish a set of fingerprints and pass a criminal background check.  Certification must be renewed every two years. 

If you wish to choose a private fiduciary, it is recommended that you consult with an attorney.  You may also want to seek the advise of other professionals who specialize in probate and estate planning, tax accountants and banking representatives.  Finally, it is most important when you need a fiduciary, that you choose one with whom you can maintain a long-term trusting relationship.