Covi Fiduciary
Services
Protecting What Matters While Servicing the Heart
About Me
With my expertise in customer service, ability to work effectively with diverse personality types, and practical experience in financial services, I am well-prepared to support individuals and their families who are no longer able to manage their own affairs. I am committed to making a positive impact in the lives of those I serve.
Outside of work, I live in the East Bay of San Francisco, where I raised three children. In my free time, I enjoy outdoor activities like running, gardening, mountain biking, hiking with my dogs and friends, and volunteering to address food insecurity and promote sustainability.
What a Fiduciary Does and Why Might You Need One?
A Fiduciary within California is a licensed professional who provides critical services to seniors, persons with disabilities, and children. Fiduciaries have a legal and/or ethical relationship with the person they serve, known as the beneficiary. Their primary responsibility is to act in the beneficiary’s best interests. They manage ‘matters’ for clients which include both financial management, housing and medical needs, as well as investment management. Services are broad and include help with paying bills, organizing tax documents, securing the right housing support, assisting with medical appointments, and serving as a Trust or Estate Administrator, or as a Conservator.
To become a licensed fiduciary in California, one must have a Bachelor’s Degree, pass an extensive and demanding exam, complete 30 hours of approved education courses, earn 15 hours of continuing education credit each year, have a clean background check, and be bondable. The bond is required by the Courts to ensure and guarantee that the fiduciary performs their duties ethically and in accordance with state law.
Some specific examples on services include:
Estate Executor
Trustee
Fulfilling the responsibilities of executing the requirements laid out in the Trust per the Settlor’s wishes and acting in the beneficiaries’ best interests
Conservatorship
Agent Under a Power
Acting as an agent for someone who has given them power of attorney to make financial decisions like paying bills and medical decisions.
A Professional Fiduciary Has Basic Duties:
Act only in their best interest
Because a Fiduciary is dealing with someone else’s money and property, the duty is to make decisions that are best for the Client.
Must keep their money and property separate from clients
A Fiduciary will never mix their money or property with their clients.
Keep good records
A Fiduciary must keep true and complete records of their money and property and for probate cases will need to share accountancy and other records with the courts
Manage the client’s money and property carefully
Fiduciaries have important financial responsibilities and must carry them out with care. They might pay bills, oversee bank accounts, and pay for things they need. They might also make investments, pay taxes, collect rent or unpaid debts, and get insurance for them, if needed.
My Services Offered
Trust Administration
Estate Administration
Conservationship
Health Power of Attoryney or Advanced Health Care Directive
Financial Power of Attorney (Durable Power of Attorney)
Fiduciary Fee Structure
Trust Administartion
1% of Gross Value $1,000,000 to $5,000,000
.75% of Gross Value $5,000,000 to $10,000,000
.50% of Gross Value $10,000,000 to $15,000,000
25% of Gross Value $15,000,000 and above
Hourly Rates
Professional Fiduciary Services, Conservatorship, Accounting: Standard Rate: $200 per hour.
Bookkeeping (Paying bills): $100 per hour
**Fixed fee matters such as Trust or estate administration will be charged a fixed fee percentage of the aggregate estate or trust value with respect to the total assets under supervision.
***Fees are invoiced monthly and paid from client funds. Fees paid from decedent estates or Conservatorship funds are pursuant to Probate Code Section 2643, those periodic payments will instead be collected as per probate requirements.