Trust & Fiduciary Services
You are making a wise move when you decide to craft your estate plan. You made decisions about your asset distributions and selected your beneficiaries.
But now you must answer this key question: Who will you choose to be your trustee or executor?
In other words: When you die or if you become incapacitated, who do you think could manage your finances or estate in the same way you would want?
At first this may seem like an easy question to answer. But there are considerations that may make your selection more difficult.
- Family members or loved ones may feel overwhelmed with an already busy life
- You may trust someone with the job, but they might not be the best manager of money or they may lack the skills to carry out your wishes
- There may be conflict when choosing one family member over another
Serving as a Trustee or Executor
As trust and estate planning attorneys, we are particularly trained in the nuances of trust and estate law and the many fiduciary duties that must be adhered to.
We understand when discretion may be exercised, the obligation to invest money prudently, and the importance of communication with the beneficiaries.
We also make sure
- the terms of the trust are clear and are adhered to
- that the beneficiaries receive what they are due
- that income tax returns and required accountings for the trust are filed on time and are accurate
- and, most importantly, that your intent in creating the trust is achieved
- Financial Responsibilities of Fiduciaries
- Expectations of a Fiduciary
- Funding a Revocable Trust
- What Assets Should Go Into a Trust?
- Webinar: POAs, Executors, and Trustees: What's the Difference?
- Should You Be a Trustee? (What you should know before you say 'yes')
- What is an Executor?
- Trusts and the Probate Process: What You Should Know
- Special Needs Trusts: Who Should be Trustee?
- Should You Choose Family or a Professional Trustee? Know the Pros and Cons