What is a fiduciary and who needs one?

Generally speaking, a fiduciary is a person who assumes responsibility for a position of trust. More specifically, 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. Someone may want to hire a Professional Fiduciary to administer a trust, to provide assistance to someone with a mental and/or physical impairment who needs care, and someone
who does not want to burden family and friends, or does not have anyone who can assist them. The Professional Fiduciaries Bureau is a State agency created in 2006 under the Department of Consumer Affairs to license and regulate Professional Fiduciaries in California. More information about the licensing requirements can be found here.