Welcome!
Jennifer Feehan is a National Certified Guardian and a California Licensed Private Professional Fiduciary. Jennifer serves as a fiduciary in roles such as a Trustee, Administrator, Personal Representative, Agent under Power of Attorney for Finance and Representative Payee. Her private fiduciary management firm is dedicated to helping her clients with their day to day estate management in accordance with the terms of the trust, will, court order, settlement agreement, state laws and fiduciary standards of practice. Here are a few of our most frequently asked questions.
What is a Fiduciary?
A fiduciary is a person who holds a legal or ethical relationship of trust with another person. Typically, a fiduciary prudently takes care of money or other assets for another person. 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 Fiduciary?
An individual or Trustor may hire a Professional Fiduciary in order to avoid burdening family and friends with his/her care and financial management when they feel they are not able to do so anymore themselves. Additionally, in the event of incapacity or death there may be no family or friends around to handle these matters, or the duties required may be beyond the skill-set necessary for prudent administration. Further, in the event of conflict families may seek out or a court may appoint a Private Professional Fiduciary to intervene as a neutral third party to preserve the estate assets.
What Educational Requirements Must a Fiduciary Meet?
A Private Professional Fiduciary must be licensed in the state of California. Licensing is regulated by the Professional Fiduciaries Bureau. Licensed Fiduciaries must hold at least a bachelors degree and complete a minimum of 30 hours of approved pre-licensing education. They must also sit for a comprehensive exam, pass a background check and a credit check. Each year they must complete an additional 15 hours of continuing education in order to maintain their license.
What Type of Oversight Does a Fiduciary Have?
Fiduciary conduct is regulated by the California Probate Code and the Professional Fiduciaries Bureau's Code of Regulations and Code of Ethics. On an annual basis, a fiduciary must account to the Fiduciaries Bureau to certify continuing education and report the value of Estate assets under their management. A Fiduciary must also provide an annual accounting to the client/beneficiary/court which must be approved.
How Much Do Fiduciary Services Cost?
The type of matter determines the fee. For Decedent Estates, the fee is set out in the Cal. Probate Code § § 10810, 10811. For Court Supervised Trusts and Conservatorships, services are billed hourly and payment of these fees must first be approved by the Probate Court to ensure they are reasonable. Trustee fees for Private Trusts can be either 1% of the trust estate’s value per annum or billed hourly, depending on the size and complexity of the matter. Smaller trusts are typically billed hourly with a minimum annual fee. For a current fee range schedule click here.
Jennifer Feehan, CLPF, NCG
9740 Campo Road, Unit 172
Spring Valley, CA 91977
(619) 535-6518
9740 Campo Road, Unit 172
Spring Valley, CA 91977
(619) 535-6518