Los Angeles Elder Law Attorney Burbank
Glendale Trust Administration Lawyer
San Fernando Valley Conservatorship Attorney

“Failing to plan is planning to FAIL.” - Alan Lakien

In-House Fiduciary Accounting Services

"LA LAW Center's main goal is to help families avoid Conservatorships BEFORE they are needed to protect a failing loved one. However, if a Conservatorship is the only solution to protect a loved one LA LAW Conservatorship Lawyers are prepared to assist with this complex legal process.

Having LA LAW Centers Fiduciary Accounting Services help control and record an incapacitated person assets can help keep the estate be organized for the required court review and approvals. "

WIKIPEDIA defines a Fiduciary Duty as follows:
A fiduciary duty (from Latin fiduciarius, meaning "(holding) in trust"; from fides, meaning "faith", and fiducia, meaning "trust") is a legal or ethical relationship of confidence or trust regarding the management of money or property between two or more parties, most commonly a fiduciary and a principal. In a fiduciary relation one person, in a position of vulnerability, justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. A fiduciary duty[2] is the highest standard of care at either equity or law. A fiduciary (abbreviation fid) is expected to be extremely loyal to the person to whom he owes the duty (the "principal"): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents.

What Is A Fiduciary In California Estate Planning?

When the California Probate Court requires a Conservatorship for a person that can no longer make his or her own financial decisions (Conservatee), the judge will appoint a person to be responsible to make those decisions in the place of the incapacitated person.

This court appointed person, (Conservator) will be given the Fiduciary authority to manage the incapacitated individual's assets.  The Conservator will then will be required by the courts to maintain thorough records and fiduciary accounting of all the assets. There are mandatory reviews of these accountings and they must be set up in the format that the court approves.  It is a complex process and must be maintained and ‘balanced’ for the life of the Conservatorship.

If you have a Power of Attorney or are the Trustee for a person that can no longer make his or her own financial decisions, you have the same fiduciary responsibilities to keep accurate accountings and tax records.

Why Do I Need a Law Firm to Do My Accounting?

If a family member, beneficiary or a nosey neighbor wants to challenge your decisions, claim financial elder abuse or question your recording keeping, it is always best to have LA LAW Center, LLP as the firm that is backing you with the upfront knowledge and ongoing estate accounting from the start or as soon as you realize this is serious business. 

Most clients do not understand the complex fiduciary accounting rules and legal expectations when they agree to be the person responsible for another’s financial decisions. Fiduciaries can be held personally responsible for mistakes in handling the assets by the court or family members.

If persons with the Power of Attorney or Trustees (Executors or Administrators) of estates make mistakes and do not maintain good accounting records, they may become personally liable for any of the decedent's unfulfilled debts. Also failing to properly administer the decedent’s wills and trusts can allow additional legal disputes among the family and beneficiaries.

If Conservators of estates make accounting mistakes or keep bad records, the probate court is looking over their shoulders and will demand that the accounting be reconciled.  Also at the beginning of a Conservatorship, the court requires a comprehensive care plan be filed with the court within 60 days of becoming a conservator. This is the first step in the court’s eyes of being the fiduciary for this estate.

LA LAW Elder Law Lawyers and the staff have the experience in knowing the required accounting formats and timing mandates for turning in the accountings. We can set up the accounting for each estate, so the records will be ready for all mandated court reviews.  LA LAW Elder Attorneys also work with accountants to make sure that the estate is in compliance with all tax laws and ensures that if needed, the annual taxes are properly filed each year, along with any other accounting specialties required in the estate. Our accounting staff makes sure our clients do monthly reporting to our office so things do not get too far behind or create problems with the way the financial decisions are being made. This makes life easier for the required court reviews or impromptu beneficiary estate asset questions.