The Rise of Professional Fiduciaries – Why Families Sometimes Need Outside Help

Mitchell Lansky
Sep 3
2 min read

When most people think about who will manage their estate or step in if they can’t make decisions, the answer often feels obvious: a spouse, an adult child, or a trusted relative. But sometimes family isn’t the best option. That’s where professional fiduciaries come in.

Making a clear plan for who will carry out these responsibilities helps reduce conflict, ensures continuity, and provides peace of mind knowing your wishes will be handled properly.

What Is a Fiduciary?

A fiduciary is someone with the legal responsibility to act in another person’s best interests. In estate planning and elder law, this role may include serving as a:

Trustee
Executor
Guardian
Agent under a power of attorney

A professional fiduciary is a neutral third party—such as an attorney, accountant, trust company, or licensed professional—who takes on this role for a fee.

Why Families Choose Professional Fiduciaries

There are many advantages to naming a professional fiduciary:

Neutrality: They make decisions without favoritism, which helps reduce family conflict.
Expertise: They understand the complex rules around trusts, Medicaid, retirement accounts, and tax reporting.
Consistency: They remain available long-term, even if family members move away or pass on.
Accountability: They are held to high standards of conduct and can be legally liable if they misuse funds.

Things to Consider

Professional fiduciaries aren’t the right solution for every family. Some potential drawbacks include:

Cost: Professional services typically involve fees, either hourly or based on a percentage of assets.
Less personal connection: Unlike a family member, they may not know your personal history or values.
Availability: In some areas, the pool of qualified professionals may be limited.

When Might You Need One?

Families may consider appointing a professional fiduciary in situations such as:

Not having close family or friends to trust with financial or medical decisions.
Anticipating high family conflict, such as siblings who don’t agree.
Wanting to relieve children or loved ones of the burden of administering an estate.
Managing a particularly complex estate that involves ongoing businesses, rental properties, or trusts.

How to Find a Professional Fiduciary

Ask your estate planning attorney, CPA, or financial advisor for referrals.
Check state fiduciary associations or licensing boards for directories.
Explore trust companies or banks that provide fiduciary services for ongoing trust administration.

The Real Goal: Protecting Your Wishes

Appointing a professional fiduciary isn’t the right choice for everyone, but for families without clear decision-makers—or those who want to minimize conflict—it can be a wise solution. A neutral, skilled fiduciary ensures your wishes are carried out with professionalism and impartiality.

Peace of Mind through Preparation.

Plan for the future and protect your legacy with The Lansky Law Firm.

Visit Us: 6800 Poplar Ave #225, Memphis, TN 38138

Call Us: (901) 767-7006

Learn More: www.lanskylawfirm.com