Thanks to advances in technology, working virtually has become a reality for many small practices and solo attorneys. Whether working from a home office, coworking space, or hotel room, many attorneys are embracing technology and ditching the traditional law office space for a completely web-based one. This style of working can have many benefits, such as: an increase in productivity, a more attainable work-life balance, and the ability to target clients in an ever-expanding mobile world. But, it can have it drawbacks, too.  

With the right technology and business plan, any attorney can take their practice virtual. The question becomes: Is it right for you?

Like so many concepts in the law, the word “fiduciary” has Latin roots; it means trust. This is particularly appropriate, as the word trust is thought of as the confidence and reliability required in a person of great importance – as well as a legal vehicle to develop such relationships.

The list of potential fiduciary positions is rather long, demonstrating that it is quite easy to become a fiduciary for another person. While a fiduciary can be a stock brokerage firm handling the investments of a retiree or a real estate agent selling a home for a client, in the estate planning and elder law context, a fiduciary very commonly comes in the form of a trustee of a trust, an agent in a power of attorney, or as an executor of a will.

When Does One Become a Fiduciary?

Trust fund kid: the term conjures up images of entitlement, snobbery, and pastel golf shirts. Daddy’s spoiled little brats account for only a little more than 1% of the U.S. population (there’s that maligned 1% again). When compared to the approximately 22% of Americans who inherited money, those who did so via a trust fund are an especially small minority.