What is a Fiduciary?

"Fiduciary" is the generic term applied to anyone acting on behalf of another to manage assets that have been entrusted to the Fiduciary. Most Wills appoint two types of fiduciaries: An "Executor" and a "Trustee." The Executor is the person generally responsible for handling the "post-death process," which involves collecting and preserving your assets, filing all required tax returns (for you and for your estate), winding up your affairs, and fulfilling the provisions of your Will (i.e., establishing and funding the trusts created in your Will, re-titling and distributing assets to the proper recipients, etc.). The Trustee is the person responsible for the (usually) long term job of administering the trusts you create (i.e., managing investments, making distributions to the beneficiaries of the trust, filing income tax returns for the trust, etc.). The same person can be both a Fiduciary and a beneficiary, and the same person can be both an Executor and a Trustee. Different trusts can have different Trustees.

What is a Guardian Declaration or Designation?
A "Guardian" is the person who is charged with caring for minor children. (Guardians can also act on behalf of an adult incapacitated child.) In Texas, children are minors until they reach age 18. Guardians may be named in your Will or in a separate instrument titled, "Declaration of Guardian for Minor Children." A "guardian of the person" is responsible for making parental decisions regarding the minor's upbringing, education and welfare. A "guardian of the estate" manages funds and other assets that belong to the minor (but not funds that are placed in a trust for the minor, which are managed by the trustee of the trust, and not for funds and other assets held in a Uniform Transfers to Minors Act account, which are managed by the custodian). The same person may be both the guardian of the minor's person and the guardian of the minor's estate. This person may, but need not, be the same person who serves as trustee of any trust created for the minor's benefit in your Will. Co-Guardians of a minor's person may be named, but only if they are married to each other (i.e., husband and wife).
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