KW Fiduciaries FAQ

Q: What is a private professional fiduciary?

 

A: A private professional fiduciary is an individual or organization that has a legal duty to act in the best financial or healthcare interests of someone else. He or she is authorized to make decisions for and manage the personal, financial, and healthcare affairs of individuals who are unable to do so themselves, in a variety of roles such as executor of will or trustee.

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These professionals serve:

• Older adults

• People with disabilities

• Private trusts and estates

• Organizations

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They work closely with attorneys, accountants, care managers, housing authorities, and families to ensure each client’s needs are ethically and efficiently met.

Q: What role does a  professional fiduciary play in the broader elder care world?

 

A: While attorneys, financial advisors, and life planners help individuals design thoughtful plans for their aging, incapacity, and legacy, professional fiduciaries are the ones called upon to bring those plans to life. They are the living agents of intention—the named surrogate decision-makers empowered by legal documents to act when the client cannot.

 

Professional Fiduciaries:

• Execute Life & Estate Plans by serving as agents under Powers of Attorney, Trustees, Health Care Proxies, and Conservators.

• Bridge Planning and Reality, translating documents into real-world decisions about care, housing, finances, and end-of-life preferences.

• Preserve and Protect Intent, ensuring that the wishes expressed during planning are honored in practice, especially when challenged by family conflict, cognitive decline, or system failures.

• Manage Complexity, navigating the fractured systems of healthcare, law, and finance with accountability, neutrality, and a duty of loyalty.

 

In this light, the professional fiduciary is not merely an administrator, but the one who animates the plan and embodies the client's wishes.

Q: What happens if I hire you and then, unfortunately, you become incapacitated or pass away before I need your fiduciary services?

 

A: This is an important question. While KW Fiduciaries is still a small and growing firm, our plan is to build a team of fiduciaries so there will always be someone available to step in if one of us becomes incapacitated. In addition, we strongly recommend that you name a secondary power of attorney, executor, or trustee in your legal documents. Doing so provides an added safeguard and ensures you are never left without support when you need it most.

Please note that most of our fees are only incurred when we are actively serving you as POA, executor, or trustee. While you would pay the intake fee for us to learn about your situation, we are happy to share that gathered information with your secondary, upon request. This way, your planning and preparation are not lost.

Q: What happens if there is a disagreement among family members about a decision?

 

A: That does sometimes happen and it can be one of the more delicate parts of fiduciary work. Because we are legally bound to act in your best interests (or in strict accordance with the governing document), we maintain neutrality and follow the written instructions or standards in place. When disagreements arise, we will communicate clearly, explain our rationale, and work to de-escalate conflict through collaboration, mediation, or bringing in professional advisors (e.g. elder law attorneys, care managers). Our loyalty is to the trust or estate and to the client’s intent—not to any one family member.

Q: Do you serve clients outside of IL and IA?

 

A: Yes. While most of our clients are in Illinois and Iowa, we are glad to serve families across the country. We can work remotely or travel as needed, with any travel expenses billed at cost.

Q: How do you charge for your services?

 

A: We offer a mix of hourly billing, flat fees, and monthly packages, depending on the service and complexity. We always provide clear, upfront estimates, and in most trust or estate cases, fees will be paid from the estate or trust itself.

Q: Do you replace my attorney or financial advisor?

 

A: Not at all. We collaborate closely with your professional team—attorney, CPA, financial advisor—to make sure your plans are carried out smoothly and accurately. We don’t give legal or investment advice ourselves.

Q: Can I name you as my successor trustee or agent now, even if I don’t need help yet?

 

A: Yes! Many clients name us in their documents to serve later—upon incapacity or death. We can help review your documents now and be ready to step in when the time is right.

Q: Do you compete with bank trust departments?

 

A: Not at all — we see them as partners, not competitors. Often, bank trust departments refer clients to us when our hands‑on, personalized approach is a better fit. And sometimes clients choose KW Fiduciaries over a bank for that very reason: our customized service, warm communication, and attention to detail more closely align with their needs.

Q: Is KW Fiduciaries a bank or trust company?

 

A: KW Fiduciaries is not a bank or trust company, and we don't provide legal, accounting, or tax advice. We do, however, regularly collaborate with your legal and financial team.

Q: Do you offer or accept referral fees?

 

A: We don't offer or accept referral fees, but we're happy to connect you with trusted professionals when needed.

Q: How do I get started?

 

A: Just reach out using our contact form to get more information or schedule a free consultation. We'll talk through your needs and next steps—no pressure or obligation.