What Is a Professional Private Fiduciary?


Are you creating a trust to help provide for the transfer of your assets in the future? If so, depending on the kind you create, you might name yourself as the trustee in the short term, or you might need to name someone else now or in the future.

The trustee is the administrator of the terms in the trust and plays a vital role in communicating with any beneficiaries and effectively managing/protecting any trust assets. As such, it’s a major role with a lot of responsibility.

In administering an estate plan, there are several people that play crucial roles in handling the various required tasks. You may be able to assign a friend or family member to serve in this role or might elect to appoint a professional private fiduciary. This person is a licensed and bonded representative who can help settle a deceased person’s probate, estate or trust, to administer a support trust, to administer a disabled party’s finances or to make personal care decisions and arrangements while serving as an agent for a disabled person.

A private fiduciary may also be named as a backup alternative to an agent or a trustee behind at least one family member. This can help to prevent unnecessary court expenses and proceedings when the time arises for immediate administration. Even when there are friends or family members who are willing to serve in these crucial roles, there are complex and difficult situations for which a professional fiduciary may be better suited to serve in these positions.

Communicating with your estate planning professional about your intentions and any questions or concerns you have around the process can help clarify whether or not appointing a private fiduciary makes sense for you. A qualified estate planning lawyer in California can be a valuable source for answering your questions.

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