Fiduciary Services

.Making decisions regarding fiduciary services is an essential aspect of estate planning. The term “fiduciary” refers to an individual or entity with a fiduciary duty to you, your estate, or your trust. Fiduciaries have a legal duty to act in the best interest and for the benefit of the individual or entity who is the beneficiary.

Trustees, executors, and guardians all have fiduciary duties in California. At Heritage Legal, we have extensive experience helping clients designate fiduciaries as part of their estate plans. Attorney Christopher Heritage is also a licensed, professional fiduciary in California. Heritage Legal offers various types of fiduciary services, including trust administration, financial guardianships, and conservatorships.

What Can Fiduciaries Do in California?

A fiduciary is a person or business entrusted with protecting and managing another individual's property, assets, or personal affairs, called the beneficiary. When making decisions for the beneficiary, fiduciaries cannot act in their own interests; instead, they must make decisions in the best interest of the fiduciary. Under California law, fiduciaries can engage in the following actions:

• Provide financial services, such as estate management

• Pay bills and send invoices

• Provide services for investment management

• Manage daily housing, personal care, and medical needs

• Act as a guardian or conservator for the beneficiary

• Manage the financial needs of elderly relatives 

• Manage the financial needs of military personnel who are overseas

• Manage the financial needs of sick or disabled people

• Manage the financial needs of children until they reach the age of 18

In California, professional fiduciaries must obtain a license from the California Department of Consumer Affairs Professional Fiduciaries Bureau. The Bureau enforces the Professional Fiduciaries Act and upholds ethical standards through licensing and consumer education. Obtaining a license requires applicants to pass an examination. They also need to complete continuing education credits, including ethics and cultural competency instruction. 

Professional Fiduciary Services We Offer

Heritage Legal provides a comprehensive range of fiduciary services to meet each client’s needs. After consulting with you and asking questions about your unique circumstances and goals, we will develop a strategy following your wishes. We regularly provide the following types of fiduciary services for our clients:

• Conservatorships

• Trust administrations

• Estate planning and management

• Power of attorney

• Financial guardianship

The Benefits of Using a Professional Fiduciary

Estate planners can select one or more people they trust to act as their fiduciaries. Choosing a fiduciary is essential; some estate planners may not have family members who can act as their fiduciaries. Selecting a professional fiduciary to make decisions on your behalf can be strategic and provide peace of mind. Appointing a professional fiduciary to act on your behalf in the event you become incapacitated, disabled, or pass away can help you ensure your wishes are carried out. 

Fiduciaries are responsible for carrying out your wishes as part of your estate plan and ensuring your estate is smoothly administered. Unlike friends or family members who may feel uncertain about making difficult decisions and lack experience, professional fiduciaries are licensed, trained professionals who have an in-depth understanding of the financial and legal aspects of estate planning. Family members may relocate, become ill, or experience other life changes. A professional fiduciary can provide seamless management of your affairs over a long period. 

Professional Fiduciaries Provide Impartiality and Neutrality

As a professional fiduciary, attorney Christopher Heritage possesses extensive knowledge about estate planning, financial management, and tax laws in California. His deep understanding will ensure your estate is managed effectively and efficiently. Professional fiduciaries provide an impartiality that friend, and family members will not have because of their personal relationship with you. Professional fiduciaries can manage estate planning matters impartially and help individuals avoid conflicts of interest within a family. They also focus on maintaining confidentiality and privacy, protecting the beneficiary’s sensitive information, and minimizing the risk of public exposure to private information. 

Additionally, a family member may have difficulty being available to fulfill all of their duties to the beneficiary. Working with a professional fiduciary provides continuity and stability in the estate administration. Professional fiduciaries can navigate any unforeseen challenges quickly and effectively when they arise. Selecting a professional fiduciary may be advantageous in the following situations:

• Absence or unavailability, such as deployed military service members

• Complex or strained family dynamics

• Business succession planning

• High-value estate

• Disability or incapacity

• Philanthropic endeavors

Providing Estate Planners with Peace of Mind

Working with a professional fiduciary can provide clients with peace of mind. Christopher Heritage has assisted individuals with estate planning for decades and has developed an extensive network of professionals. When you work with him, you will have access to his professional network of investment advisors, accountants, and other experts who can provide comprehensive support during the estate planning process. 

Managing complex financial matters can be stressful and time-consuming. When you entrust your financial affairs to an experienced, capable attorney, you and your loved ones can rest assured your assets will be strategically managed. Christopher Heritage will manage your affairs with your best interests and long-term goals in mind. Working with a professional can free you from unnecessary stress so you can focus on other important priorities in your life. 

Contact a Fiduciary Services Attorney in Palm Springs