CA AB1859

Establishes licensed professional fiduciary corporations that must register with the Professional Fiduciaries Bureau, obtain a certificate of registration, and pay registration fees not to exceed $250, with annual renewal fees also capped at $250.

Requires corporate names to include "licensed professional fiduciary" and corporate designation language, and mandates all directors, shareholders, officers, and employees rendering professional services be licensed professional fiduciaries.

Mandates corporations maintain minimum $1,000,000 insurance coverage for claims against the corporation and its licensed professional fiduciaries, increasing by $250,000 for each licensed fiduciary beyond two members.

Permits shareholders, officers, directors, or employees who are licensed professional fiduciaries to individually exercise powers and duties when the corporation is appointed as guardian, conservator, personal representative, or trustee, with courts naming both the corporation and the individuals.

Prohibits income from professional services while a shareholder is disqualified from benefiting that shareholder or their shares, and requires bylaws mandating disqualified or deceased persons' stock be sold within 60 days.