Stepping into the role of financial and\or healthcare agent ("agent") for a loved one can feel overwhelming, especially when they're facing serious health challenges or diminished capacity. If you’re navigating this responsibility for the first time, it’s completely normal to feel unsure of where to begin. One of the most important foundations to understand is your fiduciary duty—a guiding principle that helps you act with integrity, clarity, and care.
Your fiduciary duty means placing your loved one’s best interests at the center of every decision. This responsibility covers several key areas that help you stay organized, transparent, and aligned with legal expectations.
Document Decisions
Keeping clear records is essential. Whether you're adjusting care plans, making financial decisions, or changing living arrangements, it helps to document everything carefully. Many agents use journals, spreadsheets, or apps to stay consistent and accurate. These records not only provide transparency but also help you track important changes over time.
Differentiate Roles
It’s easy to confuse the role of an agent with that of an executor or trustee, but they serve very different purposes. Agents make decisions for someone who is still living, while executors handle matters after a person has passed. In some cases, one individual may hold both roles, but the timing and responsibilities are entirely separate. A trustee manages trust assets.
Avoid Conflicts of Interest
As an agent, avoiding conflicts of interest is critical. Even the appearance of benefiting personally from your loved one’s situation can raise concerns. If you're ever uncertain, it’s wise to seek legal or professional guidance to ensure your decisions prioritize your ward’s needs.
Being a financial and\or healthcare agent is both a serious and meaningful commitment. You’re not expected to know everything right away, and learning as you go is completely okay. Understanding your fiduciary duties is an important first step, and support is available whenever you need it. If you’d like help navigating your responsibilities or talking through specific situations, don’t hesitate to reach out. You’re not alone, and there are resources to guide you every step of the way.
