New law will help seniors, persons with disabilities, children with financial matters
A measure by California Senator Brian W. Jones to help seniors, persons with disabilities and children continue receiving professional assistance in managing financial matters was signed into law last night.
Jones’ SB 1024 specifically establishes a process for a probate court to appoint a professional fiduciary practice administrator as temporary successor in the event the original professional fiduciary becomes incapacitated or dies.
Professional fiduciaries provide critical services to seniors, persons with disabilities, and children. They manage matters for clients including daily care, housing and medical needs, and also offer financial management services ranging from basic bill paying to estate and investment management.
Currently there is no provision in law allowing for a timely replacement of a professional fiduciary in a probate case should the original fiduciary become incapacitated or die. During the current lengthy time it takes to get a new professional fiduciary appointed by the court, many important financial actions for a client can be missed or slip by.
“Some seniors, persons with disabilities or children under court care need the consistent help of a professional fiduciary to handle their financial affairs,” Jones said. “SB 1024 streamlines and expedites the process for temporarily replacing a professional fiduciary who passes away or becomes incapacitated and provides a financial matter safety net for their clients.”
SB 1024 was approved by the Senate and Assembly on unanimous votes, and upon Governor Newson’s signature yesterday, goes into effect on Jan. 1, 2023.