Frequently asked questions
- What is a professional fiduciary?
- A professional fiduciary is someone licensed by the State of California to manage another person's financial and/or personal affairs. That includes serving as trustee, conservator, executor or agent under a power of attorney. Fiduciaries are legally required to act solely in the client's best interest.
- How is a professional fiduciary different from a financial advisor?
- Many financial advisors are also called "fiduciaries," but they manage investments. A licensed professional fiduciary takes legal responsibility for a person's or trust's affairs: bills, property, care decisions, court reporting. We often work alongside your financial advisor rather than replacing them.
- Who regulates you?
- The Professional Fiduciaries Bureau of the California Department of Consumer Affairs. You can verify our license, #1702, on the Bureau's website.
- When does it make sense to hire a professional instead of a family member?
- Common reasons include: no family nearby, a family member who doesn't want the job, disagreement among beneficiaries, complex assets, or a beneficiary with special needs.
- Can I name you in my estate plan now, for later?
- Yes. Many clients name us as successor trustee or agent while planning. We're happy to talk with you and your attorney first.
- Do you work with my attorney, CPA and financial advisor?
- Yes. We coordinate with your existing advisors and only bring in new ones when needed.
- What areas do you serve?
- Los Angeles and Orange Counties. For matters elsewhere in California, ask us.
Questions to ask any fiduciary, including us
We encourage families to interview more than one fiduciary. Good questions to ask:
- Are you licensed in California? What's your license number?
- Are you bonded and insured for errors and omissions?
- How often will I receive an accounting, and what will it show?
- How do I reach you after hours or in an emergency?
- How do you protect my confidential information?
- What happens to my case if something happens to you?
- Do you work alone or with staff, and what do staff charge?