St Patrick’s Day – A Reminder for Fiduciaries
March 17 is St. Patrick’s Day, a public holiday in the Republic of Ireland, Northern Ireland, Newfoundland and Labrador. It is celebrated in more countries than any other national festival. St. Patrick is remembered for turning Ireland from druid led polytheism to Christianity. Wearing of the green is a tradition based on St. Patrick’s use of the shamrock to illustrate the Holy Trinity of father, son and spirit.
Patrick wrote the Declaration or Confession , a biographical account of his life and mission. Much of the Declaration concerns charges made against him at a trial. It appears he was accused of some sort of financial impropriety in receiving and distributing gifts but was found innocent.
Handling money that belongs to others is a privilege and responsibility. A “ fiduciary ” is anyone entrusted with property or power for the benefit of another. The relationship is one of utmost trust and confidence. The fiduciary is obligated to act in the best interest of another. If you are asked to be executor, trustee, power of attorney, or health care agent for a friend or family member, consider both the privilege and the responsibility involved.