For some families with young or irresponsible children, who will act as the executor or successor trustee is a very hard question to answer. Most institutions won’t act for smaller estates (under $5,000,000) or if they do, they charge enormous fees. One solution in CA may be private professional fiduciaries
Families with younger, disabled or irresponsible children are faced with the added decisions of who to appoint as the executor or successor trustee of their estate to take care of their children’s needs. Since each family’s situation is unique, it is best to discuss important decisions regarding the management of your estate assets and care of your children with an experienced California probate and estate attorney. The attorney can evaluate both your financial needs and help you choose the right qualified person or persons to act as the executor or successor trustee of your estate.
Requirements for a private professional fiduciary?
Families with smaller estates and no responsible relatives have been appointing private professional fiduciaries as successor trustees and executors. A professional fiduciary must comply with the California licensing laws under the California Business and Professionals Code Sections 6560-6562. The laws were enacted by the legislature in 2007 to regulate non-family professionals who act as conservators, guardians, trustees and agents under a power of attorney. Anyone who acts as a conservator or guardian of two or more unrelated persons is subject to licensing under the Act. Attorneys, accountants, CPA’s, financial institutions, employees of trust companies and other companies that are regulated by the SEC are not required to be licensed when acting in their normal duties of employment.
Professional fiduciaries provide important services to children, seniors, disabled persons and others who require assistance managing their housing, medical and financial needs, including managing estate or trust assets for beneficiaries and heirs who are unable to manage them on their own. Professional fiduciaries also work with a California estate and probate attorney in connection with estate and trust matters.
If you are concerned about the well-being of your family, including small children, children with special needs, or adolescent children, after you pass away or become incapacitated, it is important to speak with a California probate and trust attorney. The attorney can help you with all aspects of your estate planning, including recommending and choosing a private professional fiduciary to acts as the executor or successor trustee of your trust and other estate and tax matters. If you have any questions please feel free to call our office for a consultation at 858-792-5988.