Overview of the Fiduciary Profession

Carolyn M. Young provides fiduciary services to clients in six counties in California through her eponymous firm, Carolyn M. Young Fiduciary Services. In that capacity, Ms. Young assumes responsibility for administering the estates of clients who have passed away or can no longer manage their financial affairs.

Here is a brief overview of the fiduciary profession.

Question: What is a fiduciary?

A fiduciary is an advisor who assumes responsibility for an individual’s estate and is responsible for administering the estate in the event of resignation, incapacity, or death.

Question: What are the responsibilities of a fiduciary?

Among their many responsibilities, fiduciaries act as trustees, executors, or conservators of an individual’s trust or estate. A few of the duties include the sale or rental of real estate, the sale or storage of personal property, and guidance in regard to financial matters.

Question: How does one become a fiduciary?

In the state of California, any individual who acts in the capacity of an agent with a power of attorney, in the case of a trustee, guardian, or conservator, must obtain his or her license as a California Professional Fiduciary. All California fiduciaries are governed by the Professional Fiduciaries Bureau.

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