What are the Responsibilities of a Professional Fiduciary?

professional fiduciary shaking hands

At some point in your life, you may decide that you need a fiduciary to handle your affairs. This can happen at any time and any age. You are free to appoint someone you trust to fulfill this duty. Depending on your situation, you may even choose to appoint a professional fiduciary to take on this role. Discover what a professional fiduciary is, why you would choose one and what they do for you.

 

What is a Professional Fiduciary?

A person in a fiduciary role can make decisions on your behalf. Most folks prefer to select a family member or friend that will carry on this responsibility; however, this may not always be possible. In some cases, you may appoint a professional fiduciary to take on this role. They tend to be trust officers, CPAs, or attorneys.

Related Article: Everything You Need To Know About Transitioning Your Elderly Parents’ Finances

Why Would You Appoint a Professional Fiduciary?

There are many reasons to choose a professional fiduciary over appointing a friend or family member. People in the military, for example, may choose to hire a professional fiduciary if they need someone to address their affairs back home. Adults who are estranged or without children may consider this option because they have no immediate family members to appoint. Incapacitated seniors may also face this option if they have not indicated an agent to be their fiduciary. 

Additionally, if the current agent is abusing their fiduciary duties, a professional fiduciary may be the next best option. A fiduciary is entrusted with this responsibility and must act in your best interest; otherwise, they face a breach of fiduciary duties.

Related Article: Benefits of a Professional Trustee

The Benefit of Hiring a Professional Fiduciary

Hiring a professional fiduciary may be a difficult choice considering you are not entirely familiar with the person. However, career professionals who handle this responsibility understand what is expected of them; they follow state guidelines and adhere to a code of ethics. The benefit of hiring a professional fiduciary also means you can potentially avoid conflict. For example, parents with multiple children may find this option helpful when they need to appoint an agent. A professional can also provide advice about your affairs without fights or disagreements. Learn more about professional fiduciary services.

 

Do you need a professional fiduciary in California? Schedule time with Marcia Campbell, CPA.

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.

Leave a Reply

Your email address will not be published.