Marcia L. Campbell, CPA is relied upon by many to be responsible to manage the business and financial dealings of a trust, also known as a fiduciary. Depending upon the appointment, fiduciaries may serve as a professional fiduciary, private fiduciary, trustee, successor trustee, executor of the estate, administrator of the estate, attorney-in-fact and/or personal financial manager.
13 Primary Duties of a Trustee
- Administer the Trust in good faith
- Prudent financial oversight
- Productivity of the Trust property
- Collection of Trust assets
- Recordkeeping and identification of Trust property
- Protection of the Trust property
- Enforcement of defense claims
- Duty to inform and protect
- Distribution upon termination
- Court Accounting and Trust Accounting
- Tax returns
- Monitoring of investments
- Compliance with the Uniform Principal and Income Act (UPIA)
Case Study: Seniors at Risk for Fraud and Neglect Need a Fiduciary Ally
Miss H celebrated her 103rd birthday. When she was first brought to my attention, she was living by herself in her own home. Even though she had family nearby, they didn’t see her unless they wanted money. He didn’t keep her company or take her out of the house. No one helped her with grocery shopping, and no one ever thought to bring her food. She was living on Meals on Wheels five days a week, which she split into lunch and dinner. On the weekends, she ate cereal if there was any in the house. Otherwise, she went hungry. An unsolicited “contractor” came to inform her that the electricity in her house was compromised and that she needed to give him $2,000 to fix it immediately. When she let him know she did not have the money, he went away.
However, his words about the electricity had a lasting effect. She avoided doing laundry, using the stove and even leaving lights on out of fear of what the “contractor” had told her. These things put her at risk. Her attorney called me and asked if I could help. Over the last few years, we have made some big changes in her life. Miss H now has a caregiver who takes excellent care of her. She receives hot meals every day and has clean clothes. She ventures out of the house with her caregiver to enjoy meals at restaurants, get pedicures and visit the doctor on a regular basis. However, the family no longer comes around since Miss H does not control her bank account. They also don’t call me asking for money. Our office specializes in seniors in these situations. In fact, we are the only CPA firm in the Southern California who specializes in seniors.