As can be seen from the above, effective communication as well as memorializing and maintaining proper documentation of communications with the Person and/or their family is an important tool in risk management. It is also crucial that a Fiduciary obtain Court approval for and/or memorialize key decisions wherever necessary or possible during the course of representation to further eliminate the possibility of a dispute.
As can be seen from the above, effective communication as well as memorializing and maintaining proper documentation of communications with the Person and/or their family is an important tool in risk management. It is also crucial that a Fiduciary obtain Court approval for and/or memorialize key decisions wherever necessary or possible during the course of representation to further eliminate the possibility of a dispute.
In these instances, particularly ones which involve judgment calls, it is important to memorialize in writing the available options and the basis for the final decision. A short letter will often suffice.
Where possible and appropriate you should: (a) identify the problem or issue; (b) outline the various options for resolving the problem; (c) specify various efforts made to effectuate the aforementioned options; consider (d) contacting the various interested parties to advise them of the problem, possible solutions, and your efforts to effectuate a resolution which is in the best interests of the Client; and very importantly; (e) if applicable, seek Court approval prior to making a decision, particularly if you believe there are conflicting interests that you simply cannot resolve. Thereafter you should (f) document the final decision in a correspondence to the Client and/or interested persons.
Again, see the sample risk management “check list” located at: https://dominion-insurance.com/items/index/265. Please email any suggestions to ajones@fkblaw.com and/or larry.hilton@dominioninsurance.com. If you are a Dominion Insurance Services Insured, please also feel free to contact the Lloyd’s of London Fiduciary Risk Management Hotline directly (24/7) on: (212) 376-8599.