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Trust Administration
However you have found yourself in the role of Trustee, we can help you understand your fiduciary responsibilities and prepare you so that you can be confident in your role and maintain the integrity of the Trust's plan.
The Role of Trustee
A Trustee's job is to hold legal title to property for the benefit of a third party.
Due to this level of trust (get it?!), a Trustee is considered a fiduciary - meaning the person acting as Trustee is held to a higher ethical standard and has certain duties that need to be followed when acting as Trustee. A Trustee who fails to adhere to this standard is considered to have "breached" their duty and can be penalized under the law.
So what are the duties of a Trustee?
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Act in good faith and give reasonable care, skill, and caution when managing Trust property.
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When investing Trust property, act prudently as defined by law.
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Act with loyalty to the Trust beneficiaries by always acting in their best interest, even above their own personal interests.
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Must never comingle Trust assets with their own personal assets.
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When taking action as Trustee, give full disclosure to Trust beneficiaries.
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How does a Trustee ethically fulfill their responsibilities?
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Faithfully follow the directions of the Trust.
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Keep accurate records for all Trust assets and account for all investments.
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Give notice to beneficiaries of their interest in the Trust and provide accountings to the Trust beneficiaries as required.
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Make a Plan for the distribution of assets to the Trust beneficiaries.
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Pay any debts or taxes owed by the Trust in a timely manner.
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Pursue any legal claims the Trust may have and defend against claims made against the Trust.
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Recruit experienced advisors to support you with the different facets of managing the Trust, as needed.
Are you Trustee of a Trust you created?
As you can see above, being Trustee is a big job - and one your successor Trustee may have to carry out for years, or decades, to come if something happens to you.
Perhaps the best way to prepare future Trustees for the job is to make sure everything is in order now and establish systems so it will be easier to transition to the next Trustee (because that is the goal, right?).
If you are unsure whether your Trust will do what you want, let's get you some peace of mind.
Trust Review and Funding Support
This service includes:
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Creating an inventory of your Trust assets
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Reviewing title to assets and beneficiary designations
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On-going support of Trust management, as needed​
Fees for this service are paid at an hourly rate. A retainer is recommended in getting started, but advance payments can be refunded if the payment is not earned in a reasonable amount of time.
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