What is a Professional Fiduciary?
A professional fiduciary is a person you can trust to care for you and/or your finances, or care for the wellbeing and/or finances of a loved one. When needed, we step into the shoes of our client, to help manage their personal and business affairs while they are living, and settle the estate after death. We can do this by becoming agents under Powers of Attorney for Finance and/or Healthcare, and Successor Trustee in a trust, Executor/Administer in a will.
Why would I hire a Professional Fiduciary?
There are two common scenarios in which a client would hire a Professional Fiduciary. A fiduciary can be hired if the client needs assistance with healthcare and/or financial matters if they become unable to handle these matters on their own. The Professional Fiduciary in these instances acts as the agent under powers of attorney for the client.
A Professional Fiduciary can also be hired as a professional trustee to settle the estate after death. In the past, people would frequently name their child or a close friend as Successor Trustee or Executor of their estate. It can be difficult for family or friends to handle all of the necessary administration duties while continuing to manage their own lives. Blended families may present additional obstacles in settling an estate. Hiring a Professional Fiduciary takes the burden off loved ones at a difficult time, providing neutrality while following the instructions set forth in the estate planning documents. We are trained and experienced in estate and personal management and honor our client’s needs and wishes. Additionally, Professional Fiduciaries provide workable and often creative solutions to keep harmony within the family.
How can I know that the Professional Fiduciary can be trusted?
Professional Fiduciaries are regulated and licensed by the State of California. We are insured and bondable. Additionally, referrals to Professional Fiduciaries most often come from people you know and already trust: your Estate Planning attorney, financial planner, CPA or tax accountant, Health Care professional, friends and neighbors.
How is a Professional Fiduciary paid?
The Professional Fiduciary is paid based on the role they serve for their client. For example, if the Professional Fiduciary is assisting a client in matters of finance or healthcare under a power of attorney the fiduciary is typically paid on an hourly basis. If we are acting as a Successor Trustee or Executor after the client dies, then the fiduciary is typically paid directly from the estate of the deceased. Because every client is unique, fees and scope of services will be discussed at the initial consultation.
What about my pets?
Our pets are part of our family, and people often worry about the well being of their beloved pets when they can no longer care for them. Frequently, people make provisions for their pets within their estate planning documents. Professional Fiduciaries can help ensure that pets are well-cared for until a suitable home is found according to the wishes of our clients.