What is a fiduciary? fi·du·ci·ar·y [fi-doo-shee-er-ee]
A
person to whom property or power is entrusted
for the benefit of another.
Why have a fiduciary? Do you need a fiduciary?
You may need a fiduciary, if you…
- Aren’t able to (or don’t want to) handle the details any longer.
- Have no family members who can or will take on the challenge.
- Need a neutral person (referee) to handle your affairs.
- You would like to have the opportunity to be proactive and choose someone you trust and know will be working for you.
What does the fiduciary do?
- Becomes your partner, advocate, personal manager, protector, as needed.
- Maintains your confidentiality and assists you with decision-making and gathers resources to support you.
How does a fiduciary work?
- Follows the terms of the trust or other instructions provided by you.
- Works with you, family members, courts, attorneys, and other professionals to ensure your needs and wishes are fulfilled.
- Works within the guidelines of the California Probate Code and Professional Fiduciary Code of Ethics.
Professional fiduciaries versus family/friends as fiduciaries
- Family/friends may not have the same level of education and focus.
- Placing one family member in charge may alienate other family members or create discord in the family.
- Professional fiduciaries are licensed by the state of California.
- Professional fiduciaries must maintain their licenses by adhering to state and professional conduct standards and meet continuing education requirements annually.
- Professional fiduciaries are better able to maintain neutrality with family members.
How do you find a professional fiduciary?
- California State Professional Fiduciaries Bureau (PFB): http://www.fiduciary.ca.gov
- Professional Fiduciary Association of California (PFAC): http://www.pfac-pro.org/
- National guardianship Association: http://www.guardianship.org
- Your attorney