1.5 Legal Specialization in Estate Planning; Trust & Probate Law and 1.5 Participatory MCLE Credits

The Probate Code generally establishes the standards and procedures for the appointment and termination of an appointment of a guardian or conservator of a person, an estate, or both. Under existing law, the Professional Fiduciaries Bureau within the Department of Consumer Affairs, and requires the bureau to license and regulate professional fiduciaries. A “professional fiduciary” is defined as a person who acts as a guardian or conservator of the person, an estate or both, for 2 or more individuals at the same time who are not related to the professional fiduciary or to each other. AB 1194 would require a professional fiduciary with an internet website to pos a schedule of the range of fees. A professional fiduciary without a website would be required to provide a schedule. AB 1194 requires the bureau to impose sanctions on a professional fiduciary’s license subject to finding of a violation of applicable statutes or regulations, a breach of fiduciary duty where the court finds serious financial or physical harm or mental suffering, or that the financial fiduciary has engaged in defined acts of abuse as specified under AB 1194. A professional fiduciary acting as a conservator could be liable for a civil penalty of up to $10,000 for each act of abuse, payable to the estate of the conservatee. A conservator who is not a professional fiduciary who abuses a conservatee is liable for up to $1,000 for each separate act of abuse, payable to the estate of the conservatee. AB 1194 requires the bureau to investigate specified allegations and authorizes the bureau to impose a resolution order, as sanctions for violation of their duties, upon professional fiduciary. The bureau would be authorized to revoke a professional fiduciary’s license. The bill will also introduce significant changes to the roll of the court investigator and court appointed counsel. The bill also modifies the role of the court in hearings on the termination or revisipn of conservatorships and the review of conservatorships.

Speakers: William C. Sias and Peter Stern