A fiduciary is person with a legal or ethical relationship of trust between two or more parties. Typically, a fiduciary prudently manages money for another person, who is a protected person. One party, for example a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to the other one, who for example has entrusted funds to the fiduciary for safekeeping or investment. More specifically, in probate matters a guardian, conservator or trustee is by definition a fiduciary for another person.
In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation good conscience and most often the law requires the fiduciary to act at all times for the sole benefit and interest of the benefited person.
Different Hats for Different Roles
The same person can serve multiple roles for the protected person so long as their is no conflict between or among the roles. Or, multiple fiduciaries with different roles can serve the same person.
Fiduciary services include representation of incapacitated and protected individuals. These services are handled on an hourly basis, subject to judicial approval.