How long should fiduciary records be kept?

The retention question every fiduciary eventually faces — answered by liability periods, not habit.

1. What to keep

• The core records: transaction ledger, annual accountings (every version filed), monthly reconciliation states, asset inventory with valuations.
• The evidence: bank and investment statements for every period, itemised receipts for anything unusual, invoices for expenses.
• The authority: court orders, letters of appointment, the POA or trust instrument, bonds, and any court approvals for specific transactions.
• The judgment calls: a decision log recording why significant or unusual transactions happened — the document that distinguishes a mistake from self-dealing.

2. In what form

• PDF originals for statements — many courts (California’s filing rules, for example) require the statements themselves, and a screenshot is not an account statement.
• Two copies — one working, one backup, ideally in different places. A single laptop is not an archive.
• Consistent naming by period and account, so a reviewer can find any month of any account in seconds.

3. How long, exactly

There is no single number: it is driven by limitation periods for fiduciary claims, which commonly run for years after discharge or the fiduciary’s death, and can be extended by discovery rules — a beneficiary who only learns of a transaction later may still have a claim. Practical guidance: keep everything for the life of the appointment, plus at least several years after final discharge, and longer for real property transactions and anything involving self-payment. Tax records follow tax rules (commonly seven years); fiduciary records follow liability rules, which are longer.

4. Transitioning the archive

Whether you die, resign, or are removed, the successor inherits both the role and the audit of your work. Hand over: the full archive, a summary of open items (pending reimbursements, unresolved variances, assets awaiting valuation), and the passwords/credentials list through a secure channel. A clean handover is the last thing that protects you — an archive the successor can audit is your best evidence that there was nothing to find.

Products across the line keep local-first encrypted ledgers with exportable PDFs precisely so the archive survives the appointment: Guardian, POA, SNT, and UK LPA.

FAQ

Can I keep fiduciary records digitally?

Yes — PDFs of statements and scans of receipts are accepted in most proceedings, and some courts now explicitly accept verified electronic statements. Keep backups and be able to produce originals if a specific document is challenged.

Do I still need paper receipts if I have bank statements?

A bank line proves payment; an itemised receipt proves what was bought and why. For groceries, utilities, and routine bills, statements usually suffice — for unusual or large transactions, keep the receipt.

How long after death of the ward should a guardian keep records?

Long after: fiduciary claims can be brought by heirs and creditors years later, and limitation periods commonly run from discovery. Several years past discharge is the practical floor; indefinitely for anything involving self-payment is the safe answer.

What records does a POA agent keep if the principal recovers?

The principal may demand an accounting at any time while the POA is active — and can revoke it. Keep the same ledger: the person most entitled to see your records is the person who signed the document.

This guide is general information, not legal advice. Rules vary by jurisdiction and change over time — confirm the specifics with the court, agency, or a qualified professional.

More guides

• What is fiduciary accounting? — the record every fiduciary role shares.
• Guardian fees and reimbursement — getting paid without triggering a surcharge.
• Can a POA transfer money to themselves? — authorization, gifting limits, and red flags.

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