Know when to ask for appointment of a professional fiduciary in Los Angeles
If you are involved in a lawsuit with other family members over who will take charge of the finances of your elderly parent. These situations usually involve allegations of undue influence, and financial elder abuse, are are common in trust, and conservatorship cases. Appointments of professional fiduciaries help to quickly settle these types of cases and can preserve your parent's estate.
Top Reasons to Nominate a Professional Fiduciary as a Trustee or Conservator:
When wonder why hire a professional fiduciary, here is a short list to consider:
1. Professional Fiduciaries are bondable and insured. In larger estates, family members sometimes cannot qualify for large bonds, so nominating a professional fiduciary actually makes your conservatorship and trust case move forward.
2. Professional Fiduciaries will stay neutral among feuding family members, which often results in settling a case fast.
3. Professional Fiduciaries have two goals: 1) preserve the estate and 2) make it income producing.
4. Most Professional Fiduciaries are well-versed in types of investments suitable for the type of case where they are appointed. They often have existing relationships with financial advisors whom they have used for many years. They know how to make the money grow with less risk.
5. Professional Fiduciaries in California are licensed.
6. When choosing between a corporate (bank) fiduciary and a private professional fiduciary, keep in mind that banks do not act as conservators of the person. They only would be willing to act as conservators of the estate. Private professionals will often handle both the conservatorship of the person and the estate.
7. Stockbrokers are generally not allowed to become trustees or agents under a power of attorney for their clients.
8. Private Professional Fiduciaries are local. When children are far away or where there are no children or close family members, professional fiduciaries are great resources as they can do the on the ground work that is needed.
9. Accountings come easy to professional fiduciaries who have done many of them. Their record keeping is generally top-notch and most have gone through many court accountings, so they already know what is expected by the Court.
10. The money spent on a professional fiduciary is usually money well-spent as it saves the case from further litigation and ends the lawsuit. Most fiduciaries settle cases when they arrive.
If you are are faced with a family dispute about trusts or conservatorship, call us to determine how we can help by appointing a professional fiduciary as a trustee or as a conservator. Organizations such as PFAC list their members and their professional credentials.
Mina N. Sirkin is a California Certified Specialist Attorney in Probate, Estate Planning and Trust Law. She regularly represents Private Professional Fiduciaries in trust and conservatorship litigation cases in probate court. Contact Los Angeles Probate Attorneys at 818.340.4479.