SB 1466

Bill Subjects

Abstract

Existing law requires a professional fiduciary, as defined, to be licensed by the Professional Fiduciaries Bureau within the Department of Consumer Affairs, and prohibits a person from holding himself or herself out as a professional fiduciary unless he or she is licensed as a professional fiduciary. Existing law defines a professional fiduciary to include a person who acts as a trustee, agent under a durable power of attorney for health care, or agent under a durable power of attorney for finances, for more than three individuals at the same time. Existing law provides that, for this purpose, (1) individuals related to the fiduciary shall not be counted, (2) all individuals related to each other shall be counted as one individual, and (3) all trustors who are related to each other shall be counted as one individual, and neither the number of trusts nor the number of beneficiaries of those trusts shall be counted. This bill would, in addition, provide that an individual shall not be counted if the individual is a beneficiary of a specified trust or fund, and the fiduciary of that trust or fund is a corporation, unincorporated association, trust, or other entity that (1) has been in existence for at least 10 years, (2) is described in Section 501(c) (3) of the Internal Revenue Code, and (3) is subject to the Supervision of Trustees and Fundraisers for Charitable Purposes Act.