(a) Commencing January 1, 2024, when a professional fiduciary becomes incapacitated and a vacancy exists, the incapacitated fiduciaryâs conservator, agent under a power of attorney for asset management, trustee, or interested person may petition for the appointment of one or more individuals qualified to act as a professional fiduciary under the Professional Fiduciaries Act (Chapter 6 (commencing with Section 6500) of Division 3 of the Business and Professions Code) as a professional fiduciary practice administrator to take control of the incapacitated professional fiduciaryâs files and to be appointed as temporary successor as to those matters for which a vacancy exists as a result of the professional fiduciaryâs incapacity. (b) The petition shall request an order appointing a professional fiduciary practice administrator as temporary successor, with all of the powers and duties held by the incapacitated fiduciary, in each matter in which the incapacitated fiduciary was acting in a representative capacity, including guardianships of the estate, conservatorships of the person and the estate, decedentâs estates, court-supervised trusts, and non-court-supervised trusts. (c) The court shall require the professional fiduciary practice administrator to file a surety bond in each matter in which the professional fiduciary practice administrator is appointed temporary successor, in the amount currently required of the incapacitated fiduciary or in another amount as the court deems appropriate. (d) The court may appoint as the professional fiduciary practice administrator the professional fiduciary nominated by the incapacitated fiduciary in a writing, including, but not limited to, the incapacitated fiduciaryâs will or trust, or in the absence thereof, the person nominated by the person having legal standing to act on behalf of the incapacitated professional fiduciary. The court shall not make the appointment if the court concludes that the appointment of the nominated person would be contrary to the best interests of, or would create a conflict of interest with, any interested party in a matter in which the incapacitated fiduciary was acting in a fiduciary capacity. (e) The appointment of the professional fiduciary practice administrator as temporary successor shall terminate, in each of the matters in which the professional fiduciary practice administrator was appointed as temporary successor, 45 days after the entry of the order appointing the professional fiduciary practice administrator, or earlier if another person is appointed. (f) Notice of the hearing on the petition for appointment of a professional fiduciary practice administrator as temporary successor shall be given to all persons entitled to notice in each of the matters which are the subject of the petition. The court may dispense with notice if the petition alleges that the immediate appointment of a professional fiduciary practice administrator is required to safeguard the interests of an individual or an asset in a matter in which the incapacitated fiduciary was acting in a representative capacity. (g) The professional fiduciary practice administrator shall be compensated for services provided and reimbursement of costs incurred in each matter solely from the assets of that matter subject to the provisions of the applicable document or as determined by the court, and in no event more than the incapacitated fiduciary would have been paid. (h) The professional fiduciary practice administrator appointed in a given matter shall do all of the following: (1) File a copy of the order appointing the professional fiduciary practice administrator as temporary successor in each of the matters in which the court appoints the professional fiduciary practice administrator as temporary successor. (2) Take control and review all files and writings maintained by the incapacitated fiduciary for matters in which the incapacitated fiduciary was acting in a representative capa
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