A private fiduciary is a licensed professional hired to manage your trust when you become incapacitated or pass away. Hiring a private fiduciary is a great option for folks who find that they may not have family members to handle their affairs. Typically friends or family members are appointed, but challenging circumstances may lead you to hire a private fiduciary instead. Learn the benefits of hiring a professional below.
Eliminates Overwhelmed Trustees
People often choose trustees to manage finances for them, however, some family members or friends may find the role difficult. It can be an overwhelming role for an individual who is not prepared for the responsibility, and in some cases, it can be a relief for your family to designate a private fiduciary as a trustee. A professional fiduciary abides by a strong code of ethics and will make sure your affairs are handled as directed in the trust.
Related Article: What is a Private Fiduciary in California?
Avoids Strained Family Relationships
Not everyone has a family member they can appoint as the trustee of their trust. People setting up a trust may turn to a private fiduciary because they do not have another choice. Another benefit of hiring a professional is that this option circumvents conflict and avoids awkward or strained family relationships. As mentioned above, a private fiduciary is bound by their duty to the trust creator and instructions by the trust.
Related Article: What are the Responsibilities of a Professional Fiduciary?
Trusted Senior Financial Management
As you age, you may not be able to handle your financial affairs as diligently. It may be best to have a private fiduciary help you or an elderly relative when you become incapacitated. If you are interested in senior financial management for an out-of-state parent or independent senior in your life – learn more about our eldercare financial services. Whether you have diminished capacity or not, it may give you peace of mind for a professional to manage your finances.
Reach out to Marcia L. Campbell, CPA if you have a question about hiring a private fiduciary for your trust.
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.
As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services, including elder & financial care, court & trust accountings, as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.