What is a professional fiduciary?

A professional fiduciary is a person who is entrusted with the responsibility of managing the financial and/or personal affairs of another person. In California, professional fiduciaries are licensed by the Professional Fiduciaries Bureau and must adhere to strict ethical standards. They may serve as trustees, conservators, agents under power of attorney, or executors.

When should I consider hiring a professional fiduciary?

You might consider hiring a professional fiduciary when you need someone to manage financial or personal affairs and: (1) you don't have family members available or suitable for the role, (2) there are complex assets or family dynamics, (3) you want an impartial third party to avoid family conflicts, or (4) you need someone with professional expertise in financial management, care coordination, or legal compliance.

How are professional fiduciaries regulated?

In California, professional fiduciaries are regulated by the Professional Fiduciaries Bureau under the Department of Consumer Affairs. They must be licensed, which requires education, experience, and passing an examination. They must also complete continuing education and follow a professional code of ethics. Additionally, when serving as court-appointed fiduciaries (like conservators), they are subject to court oversight and must file regular accountings.

How can I prepare for our first meeting?

To make the most of our initial consultation, consider preparing: (1) a list of your primary concerns and goals, (2) basic information about your assets and liabilities, (3) any relevant legal documents you already have (power of attorney, will, trust), (4) family information if relevant to your situation, and (5) questions you have about the fiduciary relationship. This helps us understand your unique needs and provide tailored recommendations.

How do I know if my assets need a trust?

Consider creating a trust if you: (1) have assets exceeding California's probate threshold ($208,850 for deaths on or after April 1, 2025), (2) want to avoid the time and expense of probate, (3) desire privacy for your estate (probate is public), (4) own property in multiple states, (5) want to create conditions for inheritance, or (6) need to plan for incapacity. A consultation with an estate planning attorney and professional fiduciary can help determine if a trust is right for your situation.

What's the difference between a conservator and a power of attorney?

A power of attorney is a document you voluntarily create while you have capacity, designating someone to act on your behalf. A conservatorship is established through a court process when a person lacks capacity and needs assistance. A court appoints a conservator, who then has legal authority to make decisions for the conservatee and is subject to court supervision. Powers of attorney can avoid the need for conservatorship if created before incapacity occurs.

What is a special needs trust, and why use a professional trustee?

A special needs trust holds money or property for a person with a disability without disqualifying them from means-tested benefits such as SSI and Medi-Cal. Distributions have to follow strict rules, and a mistake can cost benefits or trigger repayment. A professional trustee brings experience with those rules, impartiality among family members, and continuity over many years. Your attorney drafts the trust; Lucas can serve as trustee and handle the ongoing administration.

Professional Fiduciaries Should Disable Apple Intelligence: How & Why

As Professional Fiduciaries, confidentiality and risk minimization are central tenets of our profession. This obligation applies to our daily technology diet.

Apple Intelligence (as it is unironically called) introduces system-level analysis across applications and is marketed as a productivity enhancement. The features Apple presents offer little assistance to working Fiduciaries while introducing serious privacy concerns.

The Risk

The metadata developed can reveal patterns related to clients, health conditions, financial activity, legal matters, daily routines, and much more. This creates unnecessary exposure without providing true benefit.

The Simple Fix

On your devices go to: **System Settings -> Apple Intelligence -> Turn Off**. It's that simple.

Regular Privacy Reviews

Have you reviewed your other device privacy settings lately? A good thing to regularly check, particularly when you update your OS.

As fiduciaries, we have a duty to protect our clients' sensitive information. Taking a few minutes to review and adjust your device settings is a small investment that can prevent significant privacy risks.