Are you the Trustee or Executor? Are you concerned about who to select to fulfill this role? Whoever is selected to do this work is expected to follow the Probate Code, communicate objectively with all persons involved, personally secure property and to prepare a formal accounting of all transactions. Read more below to find out about the responsibilities and duties as the Fiduciary. To learn more about Lorenz Fiduciary Services, click here.
How to keep control and independence?
Fiduciary - A person who stands in a special relation of trust, confidence, or responsibility in his obligations to others.
When your attorney writes your estate planning documents, you will be asked to name a Successor Trustee. Selecting an objective professional now will determine how you are cared for later, how your family will be communicated with when the time comes and will give you an opportunity to meet with your Successor Trustee. Click here for a detailed article, "Who Needs a Professional Fiduciary?" .
In this way, you can get to know your Trustee and feel confident that your estate will be handled the way you want it to be; whether you choose to resign as Trustee, become ill or your life ends.
Find out if a family member is the right choice as your Successor Trustee, click here.
Our approach: We personally communicate with our clients to learn your preferences and life style choices. Often our clients need just a little assistance to continue living independently. As your needs change we will be there for you. Jane B. Lorenz and Marguerite C. Lorenz own Lorenz Fiduciary Services and act individually as Trustees. Our dedicated staff work as a team on every case. We have successfully completed many cases, developing good relationships with skilled professionals along the way. Our team is efficient and economical because of our 35 plus years of experience.
Depending on your specific needs our assistance may include hiring appropriate workers and caregivers, paying all the bills, securing personal property, selling assets at your instruction, remodeling the home for safety, managing the move to an assisted living facility; We do our best to meet your needs and the provisions of your Trust.
Our attention to detail and documentation of every transaction can give you the peace of mind and comfort to enjoy yourself, without the pressures of financial or logistical concerns in your later years. Contact us to discuss your needs.
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Both Jane and Marguerite have Certificates in Professional Fiduciary Management for Trustees from Cal State Fullerton.
The National Guardianship Foundation (NGF) and the Professional Fiduciary Association of California (PFAC) have announced that Jane B. Lorenz and Marguerite Lorenz have successfully completed the first ever examination leading to dual certification. Jane and Marguerite have the special knowledge, skills, experience and proficiency to each be properly identified to the public as Registered Guardian (RG) and Certified California Fiduciary (CCF). As of this writing, 5-28-10, they are just two of the almost 450 California Licensed Professional Fiduciaries, statewide. "Certified California Fiduciary" is no longer used as a qualifying term.
Lorenz Fiduciary Services, Inc. The Best Team for Your Trust CERTIFIED PUBLIC ACCOUNTANT · PROFESSIONAL FIDUCIARY PO Box 3010 Fallbrook, California92088-3010
Answering Questions About Fiduciaries - This is critical information to understand before you become the Trustee of your family's trust. What is a Fiduciary? A fiduciary is a person who assumes responsibility for a position of trust. In What Specific Roles do Fiduciaries Serve? Fiduciaries serve by court appointment as guardians, conservators and personal representatives of estates.They also serve by agreement as trustees, representative payees or as agents under powers of attorney. Are you a fiduciary? 1.The fiduciary as trustee has the responsibility of carrying out the terms of the trust as set forth in a trust document.A trust can be created by the language found in a will or a document created during life.If the former, it is a testamentary trust; if the latter, it is a living trust.The trustee is usually a person named by the creator of the trust in the trust document.In some cases, the trustee cannot carry out his or her duties either because of incapacity or death.If there is no named successor trustee who can serve, the court has the responsibility of appointing a trustee, usually someone who is nominated by the trust beneficiary(s). Trustee duties can include funding the trust with appropriate assets, safeguarding assets,investing the trust assets according to the Prudent Investor Rule (as set forth in the Probate Code), reporting to beneficiaries (as set forth in the Probate Code) filing income tax returns for the trust and making distributions in accordance with the trust terms. 2.The Fiduciary as Conservator is the person who is legally appointed to manage the Conservatee’s estate and/or person.A Conservatorship is a legal tool to provide management for the financial and/or personal affairs of individuals deemed by the court to be physically or mentally incapacitated. A Conservatee is a person who is the subject of a conservatorship.A Conservator of the Person is appointed by the court to assume responsibility for decisions regarding the health and welfare of a person.A person is determined by the court to be incapacitated when he or she lacks sufficient understanding or “capacity” to make or communicate responsible decisions concerning his or her daily living needs.A Conservator of the Estate is responsible for the prudent use and protection of the conservatee’s assets.The conservator is responsible for inventorying, marshalling and managing all assetsand benefits belonging to the Conservatee.The conservator receives income,pays obligations of the estate, applies for pensions, and organizes data for the preparation of income tax returns and other related duties. How is a Conservator Appointed?Anyone who believes a person may need help with daily living activities and/or finances can initiate the process to appoint a fiduciary as a conservator.The concerned person may contact a fiduciary of choice to investigate the situation.If the fiduciary identifies sufficient need, he or she will retain an attorney to petition the probate court for appointment as conservator. How is the Conservatee Protected?The probate court often appoints an attorney to represent the alleged incapacitated person.A court investigator is also appointed by the court to determine the need for a conservator and to recommend a suitable person to serve in that role.All issues and information are brought before a probate court judge who decides if the person is incapacitated or in need of protection and, accordingly, appoints a conservator.The appointed fiduciary is accountable to the court for his or her work.The fiduciary must report to the court and receive the court’s approval in carrying out his or her responsibilities.The court requires the posting of a surety bond by the conservator, which is intended to protect the assets of the conservatee’s estate. 3.The fiduciary as personal representative is an individual appointed by the probate courtto administerthe estateof aperson who hasdied,referredto as a “decedent.”A personal representative will either act as an Executor if named inthe will, or as an Administrator if not named in the will, or if there is no will. The personal representative inventories and safeguards assets, collects income, verifies and pays obligations, identifies and notifies heirs and beneficiaries, and distributes assets. 4.The fiduciaryas representative payee is a person designated by the Social Security Administration or other retirement plans to receive the income and pay the expenses of an incapacitated individual. 5.The fiduciary as Agent Under Power of Attorney.The responsibilities of a fiduciary acting as an Agent under Power of Attorney include the following:For health care, the fiduciary acts as attorney-in-fact to make health-care decisions, including placement, medical, treatment and final burial arrangements.More recently an Advance Health Care Directive provides this guidance.For financial matters, the fiduciary conducts personal and financial business pursuant to the client’s written instructions. Who Oversees Fiduciaries? Private Fiduciaries are governed by state statute.Each California county has Probate Court as part of its Superior Court system.Courts may appoint a PFAC member as a neutral third party to protect vulnerable and incapacitated people from abuse, neglectand exploitation.PFAC members must abide by the PFAC Code of Ethics. Cost of Services In most court-supervised cases, the Probate Court approves reasonable fees.In non-court-supervised cases, fees may be addressed in the estate planning documents.Professional Fiduciaries have a published fee schedule. Who needs a Professional Fiduciary? It is said that there are 26,000 “orphan” seniors in San Diego alone.And many seniors with family choose to appoint a Professional Fiduciary to avoid burdening family members. Even the most capable adult child is frequently fully committed to work and home responsibilities and may not live conveniently nearby.And, of course, many family members would not be a good choice for fiduciary work due to the lack of appropriateskills or the potential for conflict with siblings or other relatives. How Do You Select a Qualified Fiduciary? All fiduciaries affiliated with the Professional Fiduciary Association of California (PFAC) must fulfill education and experience requirements.In addition, PFAC members are governed by a stringent Code of Ethics.PFAC members must meet annual educational requirements and standards set by the organization. PFAC’S Mission Statement The members of the Professional Fiduciary Association of California (PFAC) are dedicated to serving and protecting the best interests of those who have placed their trust in them by: ·Ensuring the highest standards of ethics and practice ·Establishing comprehensive statewide certification ·Maintaining high qualifications for membership ·Requiring the continuing education of members ·Promoting communications among members to share resources ·Mentoring of new members by already established members ·Contributing to the development of effective regulation and legislation ·Enhancing awareness of and respect for the Professional Fiduciary Association of California Where Do You Find a PFAC Member? PFAC members are located throughout the State of California. The above link goes directly to the San Diego Referral Listing (look for Lorenz). To locate a PFAC member nearest you, call the PFAC office in Sacramento toll free (866) 886-7322.Additional information about PFAC may be obtained by writing:Professional Fiduciary Associationof California, P.O. Box 661813, Sacramento, CA95866-1813, or visit us on the web at www.pfac-pro.org On the website you will find: · A referral list of general members in good standing – by Region · Information about specialties, how to select a fiduciary · Our Code of Ethics · Contact our Speakers Bureau · How to become a Member · Articles written by Members · Educational Opportunities · Mentors and Discussion Groups · Meeting and Conference Schedules · Speaking opportunities You are the hub of your family; responsible and responsive...Please Contact Us; we will answer your questions.
