SB 1024 Summary

• Authorizes petitions for appointment of a professional fiduciary practice administrator to temporarily manage affairs when a professional fiduciary becomes incapacitated or dies and a vacancy exists, effective January 1, 2024.

• Requires the temporary professional fiduciary practice administrator to file a surety bond, take control of files, notify interested parties within 15 days, and serve for a maximum of 45 days unless extended by court for good cause.

• Expands the definition of "professional fiduciary" under the Professional Fiduciaries Act to include professional fiduciary practice administrators appointed under the new provisions.

• Requires licensed professional fiduciaries to annually report under penalty of perjury whether they have been removed for cause from any position, including appointments as professional fiduciary practice administrators, with this information maintained in the Professional Fiduciaries Bureau's records.

• Directs the Judicial Council to create or revise forms and rules necessary to implement these provisions no later than January 1, 2024.