Professional Fiduciaries in California

Professional Fiduciaries in California Did you know that in 2007 the California legislature passed into law the Professional Fiduciaries Act and as of January 1st 2009 it became necessary for any fiduciary to be licensed if they were to legally operate in the state. In the legal world a Fiduciary is defined as, “An individual in whom another has placed the utmost trust and confidence to manage and protect property or money. The relationship wherein one person has an obligation to act for another’s benefit.” Professional Fiduciaries in California Bureau is the the state licensing body that sets the definition of a ‘professional fiduciary’ for California. Generally, a professional fiduciary requires a license if they are a conservator or guardian for two or more people; or a trustee or agent under durable power of attorney for health care or finances for more than three people.

Currently there are over 500 professional fiduciaries licensed in California, representing many more estates and individuals. And these professionals manage over 6 billion dollars in assets. Commonly and throughout the year, these professional fiduciaries are required to post a surety bond. For the newly licensed this can seem like a big obstacle. It doesn’t have to be. Experienced fiduciaries know that the acquiring a guardianship bond, a trustee bond or a personal representative bond in California can be a quick and easy process.

The bond experts at Jurisco have been serving the needs of professional fiduciaries in California for years. If you have any questions about the surety bond process please contact a representative at Jurisco and they will be happy to answer your questions.

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