What are the different types of fiduciaries?

Besides trustees and conservators, there are guardians (for minors) and agents under a Durable Power of Attorney.  The trade association for professional fiduciaries in California, that is the Professional Fiduciary Association of California (“PFAC”), publishes a website that explains the defines and explains the differences among these types of fiduciaries.  PFAC’s FAQs about the profession can be accessed at https://pfac-pro.org/faq.

Why hire a professional fiduciary?

There are many reasons to consider hiring a professional fiduciary rather than relying on family and friends, as the job requires a unique set of skills and is time consuming.  Accordingly, it may make sense to hire a professional fiduciary if --- 
♦ Your family and friends lack the required skills to perform the job as the law requires
♦ Your family and friends do not have enough time to do the job properly
♦ You do not want to burden your family or friends
♦ Your family and friends live too far away to efficiently serve as the fiduciary
♦ Your relatives and beneficiaries may have conflicting interests and would be better served by a neutral fiduciary
♦ You are seeking a qualified professional to zealously represent your interests