A Professional Fiduciary is an individual who is entrusted property or power for the benefit of another. He or she serves vulnerable populations, such as the elderly and those who can no longer care for themselves, and is a neutral and objective party that provides overall care for a client. If an individual becomes incapacitated or dies, a Professional Fiduciary can take care of managing an estate. He or she can also serve independent, productive people who need assistance in making sound financial, health care, and day-to-day decisions.
What type of services can a Professional Fiduciary provide?
- Banking, bill paying, and cash flow management
- Bookkeeping and budgeting
- Organization of paperwork and sorting through mail
- Oversight of investments
- Medical care needs, including advocacy and coordination of care
- Household upkeep and maintenance
- Insurance needs
- Assistance with public benefits
- Management of real estate and personal property
- Tax preparation and payment
- Trust administration
Who would need a Professional Fiduciary?
- If you have a developmental or physical disability that prevents you from being able to handle your affairs
- During periods of illness or after a hospital stay
- After the death of a spouse or family member
- If you have trouble seeing your checkbook
- When you can’t balance your checkbook and make ends meet
- When you’re paying late fees on bills and bank fees for bounced checks
- When you can’t keep up with all the medical insurance paperwork
- When you can’t find anything because the appropriate files haven’t been set up
- If you suffer from Alzheimer’s/dementia, arthritis, multiple sclerosis or a brain
- injury
- If you do not have family/friends to handle these affairs for you If you do not want your family involved in your financial affairs
- If your trusted friends and family members do not have the right skills, not be willing to assist, or live too far away to help.
What are the benefits of having a Professional Fiduciary?
- Prevent and stop financial exploitation and abuse
- Reduce the stress of paying your bills and sorting through paperwork
- Peace of mind knowing that a professional is handling your affairs
- Prevent heat, water, electricity & phone from being shut off due to non payment
- Prevent late fees and bank fees
- With proper budgeting, clients can see where the money is going, and can save their assets by following a plan.
- Reduce the burden on friends or family
- Alleviate or prevent family conflicts
- You’ll have an experienced, qualified professional to act as an advocate for you, no matter what stage of life you’re in.
When it comes to finding a partner to ensure your wishes honored and estate plan goals are met, the decision is as personal as it is financial. It’s about more than expertise and services. It’s peace of mind knowing that your fiduciary is there to serve you, during your lifetime and after.
Santa Barbara Fiduciary empowers individuals to feel and live confidently throughout life transitions, by serving in legal positions of trust, including trustee, executor, power of attorney, and health care agent. If you’re interested in how we can serve your successor fiduciary and estate planning goals, please give us a call today at (805) 308-6842 or request a consult online at SantaBarbaraFiduciary.com/requestconsult.
