300 QUESTIONS AND ANSWERS
1. Q: What is the maximum number of clients a professional fiduciary can
serve without a license? A: 4 clients at any one time.
2. Q: How often must a professional fiduciary renew their license? A: Every
2 years by December 31st of even-numbered years.
3. Q: What is the minimum educational requirement to become a
professional fiduciary? A: Bachelor's degree from an accredited institution OR
3 years of relevant experience.
4. Q: How many hours of continuing education are required for license
renewal? A: 15 hours of continuing education per renewal period.
5. Q: What is the application fee for initial professional fiduciary licensing?
A: $300 for the application fee.
6. Q: What criminal background check is required for licensing? A: FBI
and DOJ criminal background checks are required.
7. Q: Can a professional fiduciary serve as both conservator and trustee for
the same person? A: Yes, but only with court approval and if there's no
conflict of interest.
8. Q: What is the maximum civil penalty for practicing without a license?
A: $5,000 per violation.
9. Q: Who regulates professional fiduciaries in California? A: The
Professional Fiduciaries Bureau within the Department of Consumer Affairs.
10. Q: What constitutes "relevant experience" for licensing purposes? A:
Experience in law, accounting, tax preparation, insurance, real estate, or social
work.
,11. Q: How long must professional fiduciary records be maintained? A: 7
years after termination of the fiduciary relationship.
12. Q: What is required for a professional fiduciary to change their
business address? A: Written notification to the Bureau within 30 days.
13. Q: Can a professional fiduciary advertise their services? A: Yes, but
advertisements must include their license number and cannot be misleading.
14. Q: What is the bond requirement for professional fiduciaries? A:
Minimum $15,000 bond, but amount may be higher based on assets managed.
15. Q: Who can file a complaint against a professional fiduciary? A: Any
person, including clients, family members, or other interested parties.
16. Q: What is the definition of a "professional fiduciary" under California
law? A: A person who acts as a fiduciary for compensation and serves more
than 4 clients.
17. Q: Can a professional fiduciary serve as executor of an estate? A: Yes, if
appointed by the will or court and properly licensed.
18. Q: What is required for emergency temporary licensing? A: Court order
and demonstration of immediate need for fiduciary services.
19. Q: How many character references are required for initial licensing? A:
3 character references from non-relatives.
20. Q: What constitutes unprofessional conduct for a professional
fiduciary? A: Fraud, negligence, incompetence, or violation of fiduciary duties.
21. Q: Can a professional fiduciary loan money to a client? A: Generally no,
unless specifically authorized by court or governing document.
22. Q: What is the penalty for failing to maintain required insurance? A:
Suspension or revocation of license.
23. Q: Must a professional fiduciary be a California resident? A: No, but
they must maintain a California office or agent for service.
24. Q: What is the minimum errors and omissions insurance required? A:
$100,000 per occurrence, $300,000 aggregate.
25. Q: Can a professional fiduciary delegate fiduciary duties? A: Only with
proper authorization and continued supervision.
26. Q: What is required for voluntary surrender of a license? A: Written
request and completion of all pending fiduciary duties.
, 27. Q: How long does the Bureau have to process a license application? A:
60 days from receipt of complete application.
28. Q: What is the fee for license renewal? A: $200 renewal fee.
29. Q: Can a professional fiduciary practice under a business name? A:
Yes, but the business name must be registered with the Bureau.
30. Q: What constitutes a conflict of interest for professional fiduciaries? A:
Any situation where personal interests conflict with fiduciary duties.
31. Q: Must continuing education be pre-approved? A: Yes, all continuing
education must be approved by the Bureau.
32. Q: What is the statute of limitations for disciplinary actions? A: 3 years
from discovery of the violation.
33. Q: Can a professional fiduciary serve clients outside California? A: Yes,
but California licensing requirements still apply.
34. Q: What is required for reinstatement of a revoked license? A: New
application, demonstration of competency, and payment of all fees.
35. Q: How often must the bond be renewed? A: Annually or as required by
the bonding company.
36. Q: What constitutes abandonment of a client? A: Ceasing services
without proper notice or court approval.
37. Q: Can family members serve as professional fiduciaries? A: No,
professional fiduciaries cannot serve family members for compensation.
38. Q: What is the requirement for client consent to representation? A:
Written agreement outlining services and compensation.
39. Q: Must professional fiduciaries maintain separate client accounts? A:
Yes, client funds must be kept separate from personal funds.
40. Q: What is the penalty for commingling client funds? A: Disciplinary
action including possible license revocation.
41. Q: Can a professional fiduciary invest client funds in their own
business? A: No, this constitutes self-dealing and is prohibited.
42. Q: What notification is required for changes in insurance coverage? A:
30-day advance notice to the Bureau.
1. Q: What is the maximum number of clients a professional fiduciary can
serve without a license? A: 4 clients at any one time.
2. Q: How often must a professional fiduciary renew their license? A: Every
2 years by December 31st of even-numbered years.
3. Q: What is the minimum educational requirement to become a
professional fiduciary? A: Bachelor's degree from an accredited institution OR
3 years of relevant experience.
4. Q: How many hours of continuing education are required for license
renewal? A: 15 hours of continuing education per renewal period.
5. Q: What is the application fee for initial professional fiduciary licensing?
A: $300 for the application fee.
6. Q: What criminal background check is required for licensing? A: FBI
and DOJ criminal background checks are required.
7. Q: Can a professional fiduciary serve as both conservator and trustee for
the same person? A: Yes, but only with court approval and if there's no
conflict of interest.
8. Q: What is the maximum civil penalty for practicing without a license?
A: $5,000 per violation.
9. Q: Who regulates professional fiduciaries in California? A: The
Professional Fiduciaries Bureau within the Department of Consumer Affairs.
10. Q: What constitutes "relevant experience" for licensing purposes? A:
Experience in law, accounting, tax preparation, insurance, real estate, or social
work.
,11. Q: How long must professional fiduciary records be maintained? A: 7
years after termination of the fiduciary relationship.
12. Q: What is required for a professional fiduciary to change their
business address? A: Written notification to the Bureau within 30 days.
13. Q: Can a professional fiduciary advertise their services? A: Yes, but
advertisements must include their license number and cannot be misleading.
14. Q: What is the bond requirement for professional fiduciaries? A:
Minimum $15,000 bond, but amount may be higher based on assets managed.
15. Q: Who can file a complaint against a professional fiduciary? A: Any
person, including clients, family members, or other interested parties.
16. Q: What is the definition of a "professional fiduciary" under California
law? A: A person who acts as a fiduciary for compensation and serves more
than 4 clients.
17. Q: Can a professional fiduciary serve as executor of an estate? A: Yes, if
appointed by the will or court and properly licensed.
18. Q: What is required for emergency temporary licensing? A: Court order
and demonstration of immediate need for fiduciary services.
19. Q: How many character references are required for initial licensing? A:
3 character references from non-relatives.
20. Q: What constitutes unprofessional conduct for a professional
fiduciary? A: Fraud, negligence, incompetence, or violation of fiduciary duties.
21. Q: Can a professional fiduciary loan money to a client? A: Generally no,
unless specifically authorized by court or governing document.
22. Q: What is the penalty for failing to maintain required insurance? A:
Suspension or revocation of license.
23. Q: Must a professional fiduciary be a California resident? A: No, but
they must maintain a California office or agent for service.
24. Q: What is the minimum errors and omissions insurance required? A:
$100,000 per occurrence, $300,000 aggregate.
25. Q: Can a professional fiduciary delegate fiduciary duties? A: Only with
proper authorization and continued supervision.
26. Q: What is required for voluntary surrender of a license? A: Written
request and completion of all pending fiduciary duties.
, 27. Q: How long does the Bureau have to process a license application? A:
60 days from receipt of complete application.
28. Q: What is the fee for license renewal? A: $200 renewal fee.
29. Q: Can a professional fiduciary practice under a business name? A:
Yes, but the business name must be registered with the Bureau.
30. Q: What constitutes a conflict of interest for professional fiduciaries? A:
Any situation where personal interests conflict with fiduciary duties.
31. Q: Must continuing education be pre-approved? A: Yes, all continuing
education must be approved by the Bureau.
32. Q: What is the statute of limitations for disciplinary actions? A: 3 years
from discovery of the violation.
33. Q: Can a professional fiduciary serve clients outside California? A: Yes,
but California licensing requirements still apply.
34. Q: What is required for reinstatement of a revoked license? A: New
application, demonstration of competency, and payment of all fees.
35. Q: How often must the bond be renewed? A: Annually or as required by
the bonding company.
36. Q: What constitutes abandonment of a client? A: Ceasing services
without proper notice or court approval.
37. Q: Can family members serve as professional fiduciaries? A: No,
professional fiduciaries cannot serve family members for compensation.
38. Q: What is the requirement for client consent to representation? A:
Written agreement outlining services and compensation.
39. Q: Must professional fiduciaries maintain separate client accounts? A:
Yes, client funds must be kept separate from personal funds.
40. Q: What is the penalty for commingling client funds? A: Disciplinary
action including possible license revocation.
41. Q: Can a professional fiduciary invest client funds in their own
business? A: No, this constitutes self-dealing and is prohibited.
42. Q: What notification is required for changes in insurance coverage? A:
30-day advance notice to the Bureau.
