Professional fiduciary work may involve financial management, property oversight, care coordination, document review, communications, reporting, and many other administrative responsibilities. Because the work can span many different tasks, clear service records are an important part of financial accountability.

Good records describe the work performed rather than simply showing that time was spent. A notation identifying the subject of a communication, financial review, property issue, or administrative task provides more useful information than a vague description.

Consistent records also help the fiduciary understand where administrative time is being used. A matter that appears simple at the beginning may become demanding because of property problems, incomplete records, frequent communications, or extensive coordination among professionals.

Service documentation can also help distinguish fiduciary work from expenses paid to outside providers. The fiduciary's own administrative services may appear alongside invoices from accountants, property managers, caregivers, contractors, or other professionals, but each represents a different type of cost.

Transparency is particularly valuable when an administration continues for a long period. Reconstructing months or years of activity from memory is difficult and unnecessary when contemporaneous records have been maintained.

Clear fee and service records are part of a larger culture of accountability. Financial transactions, administrative work, outside expenses, and significant decisions should all be documented in a manner that allows the history of the administration to be understood.

Key takeaways:

• Fiduciary service records should describe the work performed with reasonable clarity.
• Consistent documentation helps distinguish fiduciary services from outside professional expenses.
• Contemporaneous records are more reliable than trying to reconstruct administrative activity later.

Professional fiduciary administration is built on both work and documentation. Keeping clear records of services provides a more complete picture of the effort required to manage the responsibilities entrusted to the fiduciary.