| A fiduciary is a person given the responsibility of caring for your finances when you are unable to do so. Many times people choose a trusted friend or family member to care for their financial assets. Why use a professional fiduciary instead? Consider our top three reasons.Professionals are regulated. Professional fiduciaries are held to regulated standards and policies that are put in place to ensure that your finances are not mismanaged. Professionals are prohibited from mixing your money with their own or that of other clients. Additionally, they are required to carry an insurance policy that would pay you if your money is lost due to negligence. None of these standards apply to family members or friends appointed as fiduciaries.
You are their priority. As with any business, clients are a priority. It’s a professional fiduciary’s business to take care of your needs. Their livelihood and reputation depend on them doing a good job. Unlike family members and friends, a professional fiduciary serves your interest regardless of any personal disagreements that may arise. All too often people mix their personal life with their financial well-being only to find out their funds have been mismanaged, whether it was intentional or not. Hiring a professional ensures that a decision will never be made out of greed, self-interest or simply a lack of understanding. They know the law. Professional fiduciaries have knowledge of state and federal laws governing the management of your estate. They have the experience necessary to navigate the system and effectively communicate with attorneys, accountants, veteran’s affairs, the social security office or any other agency on which you rely. Santa Barbara Estate Services would like to help you with your fiduciary needs. Please contact us today. |
