Best Financial Advisors in Petaluma, CA

A Private Professional Fiduciary named in a private agreement or appointed by the court, is someone who assumes responsibility for someone else’s medical or financial affairs when they have become incapacitated or have died. Often a family member or close friend will assume the role. However, if there is no one to take on such an important responsibility, the individual can hire a private professional fiduciary. But some may wonder what exactly is the difference between a private and a professional fiduciary? The terms private fiduciary and professional fiduciary are often used interchangeably, which can cause some confusion. However, a private fiduciary and professional fiduciary are the same thing. A private or professional fiduciary is a professional (often an attorney or CPA) who is privately hired by an individual or their family to serve in a fiduciary capacity, such as an executor, trustee, or agent under a power of attorney. True dedicated Professional fiduciaries are regulated by the Professional Fiduciaries Bureau, an entity within the Department of Consumer Affairs. In the State of California, a professional fiduciary must be licensed by the state, with exceptions for licensed attorneys and CP As. Experienced professional fiduciaries have a much better understanding of estate laws than the typical family member or friend.