The Benefits of Private Professional FiduciariesPrivate Professional Fiduciaries - What are special qualifications in California?
A California Private Professional Fiduciary is a private professional who has been licensed as a Professional Fiduciary by the California Department of Consumer Affairs Professional Fiduciary Bureau. To become a private professional fiduciary, a member must have completed a series of professional education courses as well as complete fifteen hours of continuing education each year in the fields of accounting, estate planning or asset management. Private professional fiduciaries are licensed under section 6500 of the California Business and Professional Code and are subject to the California Code of Regulations and a special set of heightened ethical standards under the California Code of Ethics.
Private Professional Fiduciaries - Why should they be used?
Although anyone can be called upon to serve as a private fiduciary or trustee, the use of a certified private professional fiduciary is the best way to assure the proper management of a loved one's or your own personal affairs. Fiduciaries manage a variety of services for their clients, from day-to-day maintenance and support issues for the elderly, to entire estate, trust, tax planning and investment management services. Trusting the management of a loved one's personal affairs or your own estate plan to a private professional fiduciary assures that matters are handled impartially in a professional and ethical manner. Professional fiduciaries can always be relied upon to represent the best interests of a client in an ethical and legal manner. Sometimes, because of family dynamics or conflicts between relatives, a professional fiduciary can be called upon to represent the best interests of loved one and their estate. A professional fiduciary can also help to remove the burden of caring for a loved one's affairs when time is better spent with that loved one.
The educational requirements necessary to become a certified professional fiduciary assures that persons trusted with your affairs have an in-depth knowledge of the law concerning fiduciary relationships and can be relied upon to avoid possible conflicts of interest. The continuing education requirements to maintain certification assure those certified are up-to-date on the most current issues and law affecting estate management, tax changes and financial management services. Although anyone can serve as the fiduciary of an estate, a certified professional fiduciary can be counted on to understand the inner workings of the law and how it may affect your rights and the rights of your beneficiaries. The heightened ethical standards professional fiduciaries are required to adhere to assure that you affairs are handled in a professional and responsible manner. The costs of petitioning a court to remove a fiduciary can be a costly affair, but trusting the management of your estate to a professional fiduciary you can be sure your best interests will always be a priority. Always be sure to use a certified private professional fiduciary to safeguard the best interest of your affairs or those of a loved one.
How do I know if I am using a Private Professional Fiduciary?
The California Department of Consumer Affairs, Professional Fiduciary Bureau maintains a list of currently licensed private professional fiduciaries. Those interested in working with a professional fiduciary can conduct a name search in their area to assure they are working with a certified professional. All members are required to file annual reports with the Bureau and complete annual educational requirements to maintain their membership. If you are working with someone who claims to be a professional fiduciary you can use the Department of Consumer Affairs website to determine if that person has an active license and has completed the necessary educational requirements to maintain their active status. Do not put the management of your affairs or those of a loved one in the hands of just anyone. Always be sure the fiduciary or trustee you appoint is a certified private professional fiduciary.
C. Tucker Cheadle is a certified private professional fiduciary and is a member of the Professional Fiduciary Association of California. Cheadle Law specializes in offering professional fiduciary services for both large and smaller trusts across the United States and Europe. Contact Cheadle Law today to discuss your specific professional fiduciary needs at 949.553.1066
A review of any materials on this web page, any preliminary comments or an introductory meeting does not constitute legal, income tax or accounting advice upon which reliance can be placed. The attorney client relationship can only be created by a written retainer agreement following a check of potential and actual conflicts of interest with other clients.