Private Fiduciary
Lagerlof, LLP’s Private Wealth & Fiduciary Team has extensive experience in the transfer of wealth, the administration of private trusts and estates, and the special challenges facing those who have been selected by others to make sound decisions about managing an estate.
- We have helped many families preserve their family wealth for multiple generations.
- We define “wealth” as more than just property or money.
- We are not only about “planning for taxes”.
- “Wealth” means many things in different family contexts, including things like the family’s ability to do good things for society, or to preserve family reputation, history and stories, or to educate children and grandchildren, or to encourage future generations to be careful and caring individuals, or to maintain close emotional connections well into the future.
- In the context of helping families plan, we often will conduct a series of “family meetings.” These are intended to educate multiple generations about not only the family’s history, but to train them to be intelligent stewards of family wealth that may eventually become their responsibility.
Joshua Driskell
jdriskell@lagerlof.com
William Kruse
wkruse@lagerlof.com
Timothy Gosney
tgosney@lagerlof.com
Private Fiduciary Flyer:
FAQ
Most frequent questions and answers
A private fiduciary is a professional who manages financial, legal, healthcare, or personal affairs for another person. They may serve as a trustee, executor, conservator, agent under a power of attorney, or care manager. Fiduciaries have a legal duty to act in the best interests of the person they serve.
People often hire a private fiduciary when:
- Family members are unavailable or unable to help.
- There is family conflict.
- An elderly person needs assistance managing finances or care.
- A trust requires professional administration.
- An executor or trustee needs expert guidance.
A trustee is a specific fiduciary role responsible for managing a trust. A private fiduciary is a broader term that may include trustees, conservators, executors, agents under powers of attorney, and other professionals serving in fiduciary capacities.
Fees vary by location and complexity but are typically charged:
- Hourly rates
- Monthly retainers
- Percentage of assets under management (for some trust services)
A fiduciary generally must:
- Act in the client’s best interests.
- Avoid conflicts of interest.
- Keep accurate records.
- Preserve and protect assets.
- Follow governing legal documents and court orders.
- Provide accountings when required.
Yes. A fiduciary may be personally liable for:
- Mismanagement of assets
- Self-dealing
- Breach of fiduciary duty
- Failure to follow trust terms or court orders
- Negligence in carrying out responsibilities
A breach of fiduciary duty occurs when a fiduciary fails to act in the best interests of the person or estate they serve. Examples include misusing funds, failing to disclose conflicts of interest, making unauthorized transactions, or neglecting responsibilities.
Yes. Beneficiaries and interested parties may challenge a fiduciary if they believe there has been misconduct, poor management, excessive fees, or violations of legal obligations. Courts can order accountings, remove fiduciaries, or award damages in appropriate cases.
A power of attorney is given voluntarily to a trusted agent by an individual while they have legal capacity. A conservator is appointed by a court when a person is unable to manage their affairs. Conservatorships involve ongoing court oversight, while powers of attorney generally do not.
Consider:
- Professional licensing and certifications
- Experience with trusts, estates, and elder care
- References and reputation
- Fee structure and transparency
- Communication style
- Insurance and bonding
- Knowledge of state-specific fiduciary laws
Ask for examples of similar matters they have handled and how they communicate with clients and beneficiaries.
Private Fiduciary Highlights
Lagerlof, LLP is the largest firm in Pasadena. With more than 100 years of experience satisfying clients, we are leading the market in strategic support. We are a team of trusted legal advisors on a mission to provide every client with clarity and understanding to succeed in a complex world. Lagerlof, LLP stands for innovation tempered with practicality, for thoroughness countered with common sense, and above all else, for impeccable integrity.
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