What Is A Fiduciary and Why Do I Need A Fiduciary?

Fiduciary (fi – doo – shee -airee)– A Fiduciary is a trusted person who accepts the responsibility of handling the personal / financial affairs of a client, acting with only the best-interest of the client in mind.

 

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Arps Fiduciary provides guidance and support during times of significant life change. This might include aging, retirement, illness, inheritance, divorce, or death. We help simplify complex situations, working together with attorneys, accountants, care-takers, home-health agents and other service providers.

Arps Fiduciary functions under many titles, such as Private Fiduciary, Successor Trustee, Court Appointed Trustee, Executor of the Estate, Administrator of the Estate, and more. Yet clients know me by the comfort and relief they experience through my highly personalized approach.

  • Protecting and preserving client’s assets
  • Respecting an individual’s dignity and integrity
  • Maintaining a client’s confidentiality under all circumstances
  • Promoting independence

Do You Need a Professional Fiduciary?

A professional fiduciary manages a client’s personal affairs, including daily care, housing and medical needs, and finances, ranging from paying bills to handling investments and trusts.

Who needs a professional fiduciary?

It is said that there are 26,000 “orphan” seniors in San Diego alone. And many seniors with family choose to appoint a Professional Fiduciary to avoid burdening family members. Even the most capable adult child is frequently fully committed to work and home responsibilities and may not live conveniently nearby. And, of course, many family members would not be a good choice for fiduciary work due to the lack of appropriate skills or the potential for conflict with siblings or other relatives. Someone who wants to hire a professional fiduciary to administer a trust, or someone with a mental and/or physical impairment who needs care and who:

  • Doesn’t want to burden family and friends.
  • Doesn’t have family or friends who can assist.
  • Wants to avoid conflict among family members.
  • Need to Solve a Mobility problem.
  • Wants to maximize disability benefits.

How Do You Select a Qualified Fiduciary?

All fiduciaries affiliated with the Professional Fiduciary Association of California (PFAC) must fulfill education and experience requirements. In addition, PFAC members are governed by a stringent Code of Ethics. PFAC members must meet annual educational requirements and standards set by the organization.

PFAC’S Mission Statement

The members of the Professional Fiduciary Association of California (PFAC) are dedicated to serving and protecting the best interests of those who have placed their trust in them by:

  • Ensuring the highest standards of ethics and practice
  • Establishing comprehensive statewide certification
  • Maintaining high qualifications for membership
  • Requiring the continuing education of members

 

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