What is a Fiduciary?

The Professional Fiduciaries Bureau was created by legislation that passed and was enacted into California law in 2007 to regulate non-family member professional fiduciaries, including conservators, guardians, trustees, and agents under durable power of attorney as defined by the Professional Fiduciaries Act. Professional fiduciaries provide critical services to seniors, disabled persons, and children. They manage matters for clients including daily care, housing and medical needs, and also offer financial management services ranging from basic bill paying to estate and investment management.

Requirements for licensing include meeting professional experience and/or college educational combination requirements, passing a combined national/state examination, Live Scan fingerprinting & background checks, thirty (30) hours of approved education courses, and annually earning fifteen (15) hours of continuing education credit.

List of Services provided by a Fiduciary:

  • Executor or Administrator of Probate – Manage and protect a decedent’s estate assets with or without a will for distribution to the beneficiaries.
  • Trustee or Successor Trustee for Living and Special Needs Trusts – Manage and protect estate assets for distribution in accordance with the trust documents.
  • Act as Agent under Power of Attorney – Conduct the personal and financial business and/or make health care decisions pursuant to the client’s written instructions.
  • Conservator or Guardian – Legally appointed to manage the personal and/or financial welfare of a person deemed to be incapacitated when he or she lacks sufficient understanding or “capacity” to make or communicate responsible decisions concerning his or her daily living needs. Usually as a result of dementia, developmental disability, or injury.
  • Lifestyle Maintenance Services – Based on the degree of needs and desire of the client, retained for management of personal finances including banking and bill payment, representative payee for social security and veterans benefits, monitoring investments, assets, insurance and tax liability, and home operations and maintenance.