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As part of the estate planning process, your attorney may recommend that you name a professional fiduciary to manage your finances and/or oversee your health care in the event of future incapacity. This may include naming the fiduciary as power of attorney for finance, as a health care agent in your Advanced Healthcare Directive and naming the fiduciary as a successor trustee who steps in to manage and distribute a trust when mental/physical incapacity or death occurs.

A professional fiduciary can be named as a trustee to administer a trust. Many individuals, attorneys and judges prefer to appoint a professional fiduciary, who is an experienced neutral third party, rather than a family member. As a neutral third party, the fiduciary can facilitate communication between beneficiaries and ensure a smooth trust administration and distribution process.

As the executor or court appointed administrator of an estate, the professional fiduciary assembles the estate assets (personal and real property), liquidates the assets, when required, and distributes them to the beneficiaries as set forth in a will or pursuant to the supervision of the probate court and the California Probate Code.

When you need assistance managing your financial affairs, you can appoint a professional fiduciary to act as your agent pursuant to a Durable Power of Attorney (DPOA).

The DPOA authorizes the professional fiduciary to handle financial matters, including but not limited to bill paying, banking, filing taxes, and communicating on the your behalf with third parties. A DPOA may be necessary if you become mentally or physically incapacitated and are unable to manage your affairs. This situation may arise due to cognitive impairment (dementia or Alzheimer’s), hospitalization or other medical issue.

Every person should name an agent to act on their behalf and follow their instructions for medical care in the event of illness or other incapacity. Given the strict HIPAA privacy laws, it may be difficult for a third party to assist with obtaining healthcare and making healthcare decisions, if you become incapacitated—even temporarily. Naming a healthcare agent allows your medical providers to communicate with a relative, friend or fiduciary who is assisting you.