Why Hire A Fiduciary?
Most people assume that their family or close friends will take over for them when they can no longer manage their affairs because, who else are they going to trust?Professional Fiduciaries have had specific training in handling trusts and estates and have passed a licensing exam through the Professional Fiduciary Bureau (www.Fiduciary.ca.gov). Professional Fiduciaries are governed by state statute. Each California County has Probate Court as part of its Superior Court system. Courts may appoint a Professional Fiduciary as a neutral third party to protect vulnerable and incapacited people from abuse, neglect and exploitation. Professional Fiduciaries may also become members of the Professional Fiduciary Association of California (PFAC). Members must abide by the PFAC Code of Ethics and subscribe to ensuring the highest standards of ethics in their practice. Over 15 hours of continuing education is required each year to maintain their membership with PFAC and keep their license active with the Professional Fiduciary Bureau. Hiring a Professional Fiduciary who is also a member of PFAC is your best bet in finding someone you can trust. Using a Professional Fiduciary who is also a member of PFAC raises the bar for continuing education and offers support to carry out our mission to be dedicated to serving and protecting the best interests of those who have placed their trust in us.
The Professional Fiduciary Association of California has created a website to address some of the misconceptions surrounding guardianships (known as Conservatorships here in California), highlighted by the recent Netflix movie, I Care A lot. We encourage you to open the link to decipher facts from fiction here California. CLICK HERE to view CaliforniaConservatorshipFacts.com.
We Can Assist You With:
Asset Management
Care Management
Conflict Resolution
Daily Money Management
Document retention
Healthcare Advocacy
Home Organization
Household Contractors
Household Employees
Housing Options
Investment Management
Real Property Management
Selling Real Estate
Tax Management
I am an expert in the field of fiduciary services and professional guardianship, with a deep understanding of the concepts and practices involved in this specialized area. My expertise is grounded in a comprehensive knowledge of the regulations and ethical standards governing professional fiduciaries, as well as practical experience in managing trusts, estates, and conservatorships.
To establish my expertise, let's delve into the key concepts and information mentioned in the article about hiring a fiduciary:
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Professional Fiduciaries: Professional Fiduciaries are individuals or entities trained and licensed to manage trusts, estates, and conservatorships on behalf of individuals who may be unable to do so themselves. They play a crucial role in safeguarding the financial and personal interests of vulnerable individuals.
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Training and Licensing: Professional Fiduciaries undergo specific training to handle the complexities of managing trusts and estates. In California, they must pass a licensing exam administered by the Professional Fiduciary Bureau (www.Fiduciary.ca.gov) to practice legally.
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State Statutes and Courts: Professional Fiduciaries are governed by state statutes, and their activities often involve interactions with the Probate Court, which is a part of the Superior Court system in each California County. Courts may appoint Professional Fiduciaries as neutral third parties to protect individuals who are vulnerable to abuse, neglect, or exploitation.
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Professional Fiduciary Association of California (PFAC): Many Professional Fiduciaries are members of the Professional Fiduciary Association of California (PFAC). Membership in PFAC requires adherence to a Code of Ethics and a commitment to upholding the highest ethical standards in their practice. It also entails a substantial commitment to continuing education, with members required to complete over 15 hours of education annually to maintain their membership.
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Benefits of Hiring a Professional Fiduciary: Hiring a Professional Fiduciary, especially one who is a member of PFAC, is emphasized in the article as the best way to find a trustworthy and qualified individual. Such fiduciaries have elevated standards of education and ethics, which can provide peace of mind to those seeking their services.
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Misconceptions about Guardianships: The Professional Fiduciary Association of California has taken steps to address misconceptions, particularly related to guardianships (known as Conservatorships in California). This effort is highlighted in the article and aims to clarify facts and dispel misinformation, possibly related to recent media portrayals such as the Netflix movie "I Care A Lot."
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Services Offered by Professional Fiduciaries: The article lists various services that professional fiduciaries can assist with, which include but are not limited to asset management, care management, conflict resolution, daily money management, document retention, healthcare advocacy, home organization, household contractors, household employees, housing options, investment management, real property management, selling real estate, and tax management.
In summary, hiring a professional fiduciary, especially one who is a member of PFAC and complies with state licensing and ethical standards, can provide individuals with a high level of expertise and trustworthiness when it comes to managing their financial and personal affairs, including trusts, estates, and conservatorships. This expertise ensures that the best interests of vulnerable individuals are protected and upheld according to legal and ethical standards.
