Who Does What: How a Professional Fiduciary Works With Attorneys, CPAs, and Families

A professional fiduciary administers; the attorney advises; the CPA handles the tax and accounting work. Each has a distinct job, and a trust or estate runs best when everyone knows where those jobs begin and end. The fiduciary carries out the day-to-day administration: managing assets, keeping records, communicating with beneficiaries, and reporting. The other professionals do what only they are qualified to do.

What the attorney does

The attorney drafts and interprets the trust or will, advises on legal questions, represents the trustee or family in court, and handles filings. A professional fiduciary is not a lawyer and does not give legal advice. When a question needs a legal answer, it goes to counsel.

What the CPA does

The CPA prepares tax returns and advises on tax planning and accounting questions. The fiduciary gathers and organizes the financial records the CPA needs, so returns are accurate and on time, but does not replace the CPA’s judgment.

What the fiduciary does

The fiduciary handles the ongoing work of the role: inventorying and safeguarding assets, paying bills and taxes through the appropriate professionals, keeping accurate records, maintaining insurance, communicating with beneficiaries, and preparing accountings and reports. When a trust holds real property, that includes overseeing the property and directing the outside professionals who maintain, value, or sell it.

What the family can expect

Beneficiaries and family members should expect clear, regular communication, accurate records, and a fiduciary who is independent and not taking sides. They should also expect the fiduciary to say plainly when a question belongs to the attorney or the CPA, and to bring them in.

Where the lines fall

The cleanest working relationships agree early on who decides what. As a practical rule, questions about what the documents mean or what the law requires go to the attorney. Questions about taxes go to the CPA. Questions about how to carry out the administration go to the fiduciary, who brings in the others whenever their expertise is needed. A fiduciary who isn’t sure where a question belongs should ask and not guess.

What makes the start go smoothly

Whoever is engaging the fiduciary can help by providing, at the outset:

• The signed trust or will, and any amendments

• A summary of the key terms and the beneficiaries

• A contact list for the family, attorney, CPA, and other advisors

• Any deadlines, pending filings, or known disagreements

• Preferences for how and when each party wants to be updated

With these in hand, the fiduciary can begin work promptly, and no one has to repeat themselves.

Real property

When a trust or estate holds real estate, a fiduciary with real estate experience can direct the process knowledgeably: what to look for, which questions to ask, and who to hire. Any transaction involving trust property is always handled by an independent, outside professional. A fiduciary never acts as both broker and fiduciary on the same matter. See our Disclosures page for our full independence policy.

Frequently Asked Questions

Does a professional fiduciary replace the family’s attorney or CPA?

No. The roles are different and work together. The attorney provides legal advice and representation, the CPA handles taxes, and the fiduciary handles the administration.

Can a professional fiduciary give legal or tax advice?

No. A professional fiduciary is not a lawyer or a CPA. Legal and tax questions are referred to the right professional.

When is a professional fiduciary worth considering?

Common situations include a trust with no suitable family trustee, a family in conflict, a trust holding property that needs active oversight, or a trustee who is overwhelmed by the work.

How will I be kept informed?

That’s agreed at the start. Most parties prefer regular updates at key milestones and an immediate call when something unusual arises.