How to select a California Professional Fiduciary

In California, if you require the services of a professional fiduciary you are in luck. Our State is one of a hand-full that requires all individuals that hold themself out as a professional fiduciary to be licensed by the Professional Fiduciaries Bureau. (CPAs and Attorneys exempted)

This unit of the State vets applicants who must pass a rigorous test demonstrating their capability as a fiduciary and requires that they have worked under another licensed professional fiduciary for two years or have a certification in fiduciary management from programs offered by the University of California-Riverside or California State University-Fullerton.

In addition a fiduciary applicant must be fingerprinted and pass a thorough background check. A professional fiduciary must demonstrate loyalty and the ability to place their Client’s interest in front of all others. You may be surprised to know that the estimate of professional fiduciaries in California is less than 2,000.

Interview your prospective fiduciary candidates and ask them their approach to executing their duties, their rates or fee structures and whether they perform the work themselves or have assistants that may be involved with your particular needs. Chances are that you will find a fiduciary that fits you and above all else that they have the skills necessary to protect and safeguard the estate or person.

It’s important to note that fiduciaries have a vast network of experts upon which to rely including estate and tax planning attorneys, tax preparers, certified financial advisors, caregivers, life care managers, senior move managers, reverse mortgage brokers, care placement agents and others iin attaining the best overall care in conservatorships or guardianships.

You can find a fiduciary in your area by going to the Professional Fiduciary Bureau website which lists all licensed fiduciaries and denotes any bureau actions in relation to the licensee as well as the licensee’s next license renewal date. Licensees are required to take continuing education each year. The Professional Fiduciary Association (PFAC) is the leading membership organization for California fiduciaries and it’s website allows you to search their database of members to find those in your area.