A Professional Fiduciary is an individual who accepts the responsibility of handling the personal and / or the financial needs and affairs of a client for the sole benefit of that client.  The client places their trust in the Fiduciary to manage their affairs.  The element of trust becomes especially crucial when the client who is receiving services is vulnerable, frail or incapacitated.

 

A Professional Fiduciary covers a variety of roles in positions of trust.  A Fiduciary serves as trustee, representative payees or as agents under power of attorney.  They may be named in an estate planning document to provide future services at the time the client becomes unable to manage their affairs or has passed away.  A Fiduciary may also be appointed by the court to serve under contractual agreement. 

 

In California, a Professional Fiduciary must be licensed by the State of California and is regulated by the Professional Fiduciary Bureau, which is an entity within the Department of Consumer Affairs.  Fiduciaries have both a legal and ethical obligation to act exclusively in their client’s best interest. 

 

Roles of a Fiduciary

• Trustee

• Power of Attorney for Finance

• Power of Attorney for Health Care

• Guardian

• Conservator

• Personal Representative

• Representative Payee

• Daily Bill Paying and Money Management

​

Professional Fiduciary Hourly Fee Schedule

​

• Hourly Rate Range:  $90.00 - $160.00

​​

• Extraordinary Fees:  Such as, but not limited to, tax issues, real property sales or purchase, and litigation.  $195.00 - $250.00​

​​

• Fees payable to the Professional Fiduciary as the Personal Representative for customary services are authorized under Probate Code §10800 and, pursuant to Probate Code §10800 are computed on a fee base comprised of gross assets, plus receipts and gains, less losses, as follows: 

• 4% of the first $100,000 

• 3% of the next $100,000

• 2% of the next $800,000

• 1% of the next $9,000,000

• 0.5% of the next $15,000,000

• Court discretion after $25,000,000