It can take a substantial amount of time to complete the legally required obligations of a fiduciary. Loved ones usually are willing to assume the role, but are unaware of the large time commitment that the minutia of the administration will require, in addition to legal requirements that have to be followed. The new role may be difficult to balance and integrate with the routine demands of a career, children, family, and/or other obligations the loved one currently has. Hiring a professional fiduciary not only takes this burden off of a loved one, but also ensures necessary legal requirements are met, which can help prevent a lawsuit between beneficiaries.

Soloway Fiduciaries, Inc. provides trust and estate administration, and will serve as the conservator of the estate and person and act as an agent under a durable power of attorney to assist with financial and healthcare matters in case you or a loved one becomes incapacitated.

Soloway Fiduciaries, Inc. does not provide consultation to trustees or individuals acting in a fiduciary capacity. Such advice constitutes legal advice, and we would be happy to provide a list of the distinguished attorneys we work with if the need for such advice is immediate.

After you place a professional fiduciary's name in your trust, the fiduciary is essentially on standby until you either lose capacity or pass away.

At Soloway Fiduciaries, no fees are charged during this standby period. There are also no other contracts to be signed, as the contract is the trust document itself. In addition to requesting a copy of the trust document, we may ask for you to fill out a questionnaire. This will provide us guidelines on your preferences and individuals/businesses to contact when it comes time for us to act as fiduciary. Of course, you are only asked to fill out as much as you feel comfortable with.

Once the period ends (either due to a loss of capacity to function or passing away), the fiduciary is notified, and they begin administering the trust assets in accordance with the terms outlined in the trust. This period is when the fiduciary's percentage fee and/or hourly rate is charged to the trust assets. The time it takes to administer a trust's assets is quite variable, and really depends on the terms of the trust, its size, the beneficiaries, and the types of assets held in the trust.

In addition to informing trusted family and/or friends on the whereabouts of your estate plan, you may consider listing your fiduciary with your healthcare provider as someone to contact in case you were to lose capacity or pass. This way, the fiduciary is quickly notified, and they could then begin to administer your trust through the terms set forth by it.

Developing an action plan with your friends and/or family to notify your fiduciary in the event of incapacity can be immensely helpful to prepare for possible incapacity. Some forms of incapacity can be gradual and difficult for the individual to notice, and unfortunately, quick check-in visits may not be long enough for visitors to notice red flags. An action plan can assist you in successfully navigating through this dangerous time.

California Probate Code lists only a few types of legal entities that can serve as fiduciaries, and Soloway Fiduciaries, Inc. is not a legal entity that can be directly added.

However, Elizabeth Soloway and Brian Sakarata both serve as a California Licensed Professional Fiduciary (CLPF) under the purview of the Professional Fiduciaries Bureau, and you can directly write their names into your estate plan as successors.