By Kimberly Troup, CLPF 1253
Have you ever found yourself in a public space; perhaps a grocery store, a bank, or even a gas station, watching an elderly person going about their day, and hoping for their sake, that they have a support system looking out for them? Too often, the most vulnerable people in our communities are not aware of resources available to them to help with managing the complex matters of financial and medical care. Professional Fiduciaries are individuals licensed to step into the decision-making role of an individual and assist with financial management as well as medical decision making. People of all ages, physical capacities and cognitive abilities, can utilize Professional Fiduciaries to assist in a time of need. Clients include adults that can no longer manage their own finances, mentally or physically disabled persons, Adults with dementia and Special Needs Trust beneficiaries. The most common roles of a Fiduciary are Trustee, Administrator, Power of Attorney for Finance, Power of Attorney for Healthcare, and Conservator. While some coincide; each role is unique in the scope of responsibility, as well as the way the appointment takes place. Preparing Estate Planning documents with a trusted Attorney is the most surefire way to avoid a judge appointing someone to make your decisions for you.
The Professional Fiduciary Association of California is an organization geared towards Fiduciary education, Accountability, and connecting professionals with the goal of maintaining the high moral standards expected of Professional Fiduciaries. PFAC aggregates speakers and topics of current legislative updates, Cultural Competency,
practice management, Trusts, Person, to uphold industry integrity and provide Continuing Education Units used to maintain licensing through the Professional Fiduciary Bureau. Among PFAC’s membership, the mission is to inspire confidence by promoting the highest standards of ethics, while providing ongoing education to ensure continuous professional growth, provide advocacy, accountability, and development of effective regulation. The promotion of communication among members, ensuring a supportive environment where expertise is passed down and innovation is encouraged. PFAC offers membership opportunities to Fiduciaries, Fiduciary Students, and Affiliate members that work in harmony with fiduciaries to bring a full suite of services to the client.
PFAC helps broaden the network of professionals that may be called upon by Fiduciaries to help manage specific aspects of administration. Affiliate memberships include Attorneys, Financial Advisors, Real Estate Agents, ……all that are focused on the trust and estates niche.
As a benefit to the consumer, PFAC-Pro.org offers a “Find a Fiduciary” search function that can help identify local Fiduciaries that meet the client’s needs and proximity.