Does anyone here know the process for hiring a professional fiduciary? My grandmother’s POA is dying, has months to live. Currently isn’t capable of paying her bills or managing her money as he isn’t doing that for himself. Grandma has money and is paying for her nursing home out of her funds.
There is a family issue with anger between the 2 sons of my grandmother (one POA and the other isn’t). I believe if any other family member were to become POA it would get nasty. There is no secondary POA and no ability in the agreement to delegate POA.
I’m thinking of hiring a fiduciary to take over, pay bills and keep accounting would be best. But who can/must hire the fiduciary? Does it need to be the principal-grandma? Or can current POA? (he can make calls, is lucid) or should another POA be chosen (I know grandma makes the choice) and then new POA hires fiduciary?
In California there are Licensed Financial Fiduciaries. They are there to do only this work. All bills and etc. I know one who has become a friend, who worked with my brother and my brother's ex who had no family willing to be POA for him as he was failing. In the entire are of Palm Springs there are only 5 or so people who do this work.
Social workers in Hospitals often have a list. But you would be best served to call a Trust and Estate or an Elder Law Attorney office and ask if they have Financial Fiduciaries they might recommend. The court appoints them, so they are often in possessions of their numbers. Normal fee ranged around 90.00 an hour when last I looked over a year ago, and you could meet with one for that. The new POA can also hire a Fiduciary to assist with what he doesn't wish to do.
This is not an easy job. A LOT of time will be spent on the phone the first year arranging mail and billings and bankings and etc. I did this for my brother and found the first year a huge learning curve. By year two it ran so much more smoothly, but takes meticulous record keeping and etc.
When making out the POA papers in lawyer office ask for a recommend or a list or a way to access Licensed Fiduciaries in the are; be clear that this is NOT a FINANCIAL fiduciary for investment purposes but a manager to manage the estate.
If she has dementia, ALZ or has a medical diagnosis of memory or cognitive impairment, the only option is for someone to pursue guardianship for her. This would either be an individual or the county -- I don't believe there is a 3rd option (but laws can differ from state to state). If an individual pursues guardianship, this can be very costly and expensive, as this is done through the court system. I do not believe someone can hire a fiduciary on her behalf without first attaining guardianship in order to make this decision in her best interest. You can contact social services to see if there's an option for emergency guardianship, but again -- only if your grandmother's mental functioning is provably compromised. Others from the forum may have more accurate or different info for you in this situation.
im thinking of visiting and bring a white board to write on.
I certainly don’t want to get guardianship for her and I think she would be determined to be competent, anyway.
she said she’d sign a POA with her other son as agent IF the POA was the same in substance as the current one. The one provided was different and she didn’t sign it. So, nothing has been done at all.
A fiduciary is very expensive, too, so it's best to determine the most economically sensible way to handle this.