Trustee and Fiduciary Services
Transferring your assets to a trust can provide several benefits, including avoiding probate, estate tax planning, maintaining privacy, providing flexibility, incapacity planning, and asset protection. However, a trust is only effective if it is properly managed and administered. This is where the services of a professional trustee come into play.
At Peters and Krown, we offer trustee and fiduciary services to ensure that your assets are managed and distributed according to your wishes. We believe that appointing a professional trustee is a critical component of a comprehensive estate plan. Our experienced attorneys can serve as the trustee of your revocable or irrevocable trust, providing you with peace of mind and personalized service.
Trustee Basics
The basic roles involved in a trust include the trust creator, who establishes the trust and defines its terms, the trustee, who manages the trust assets, and the beneficiaries, who receive the benefits of the trust. The trustee has several important fiduciary duties, including managing the trust assets in accordance with the trust's terms, investing the assets prudently, and distributing the assets to the beneficiaries as directed by the trust. While many people choose a relative or close friend to serve in the trustee role, there are significant benefits to choosing a professional to manage your trust.
Benefits of Utilizing a Professional Trustee
One of the key benefits of having a professional trustee is that they can provide impartiality and objectivity in managing the trust assets. This is particularly important in situations where family members or beneficiaries may have conflicting interests or competing claims to the assets held in the trust. By appointing a professional trustee, you can help ensure that the trust is administered in a fair and impartial manner, avoiding disputes and conflicts of interest.
Another benefit of having a professional trustee is that they can help ensure that the trust is administered in compliance with applicable laws and regulations. Our attorneys have extensive knowledge of trust laws and regulations, as well as the fiduciary duties of trustees. We can help ensure that the trust is administered in accordance with its terms and applicable laws, minimizing the risk of legal disputes or tax penalties.
Our trustee services also include specialized expertise in complex trust administration and management. Our attorneys have experience in managing trusts with complex assets, such as real estate, closely held businesses, and investment portfolios. We can work with your financial advisors, accountants, and other professionals to ensure that your trust assets are properly managed and invested for the benefit of your beneficiaries.
Drafting Attorney and Trustee
A major benefit of appointing the drafting attorney as the professional trustee is that the drafting attorney can provide continuity of service and an in-depth understanding of the trust's terms and purpose. When the drafting attorney serves as the trustee, they have a comprehensive understanding of the trust's provisions and the creator's intent, which can help ensure that the trust is administered in accordance with the trust creator's wishes and objectives.
Additionally, the drafting attorney can provide ongoing support and guidance to the beneficiaries, helping to ensure that they understand their rights and obligations under the trust. This can be particularly beneficial in the case of special needs trusts or trusts with minor beneficiaries, where ongoing management and support are critical to ensuring that the beneficiaries are provided for and protected.
Furthermore, when the drafting attorney serves as the trustee, they have an existing relationship with the trust creator and their family. This relationship can facilitate a smooth and efficient administration of the trust, avoiding disputes and conflicts that can arise when an unfamiliar trustee is appointed.
Overall, appointing the drafting attorney as the trustee can provide several benefits, including continuity of service, an in-depth understanding of the trust's terms and purpose, ongoing support and guidance to beneficiaries, and a smooth and efficient administration of the trust.
Working Alongside Your Beneficiaries
In addition to managing the trust assets, our professional trustee services also include ongoing communication with the beneficiaries to ensure that they understand their rights and obligations under the trust. We can provide regular updates on trust activity, answer any questions or concerns that beneficiaries may have, and ensure that the trust is being administered in a manner that is consistent with the trust's purpose and goals.
Why Choose Peters & Krown for your Trustee and Fiduciary Needs
If you are considering establishing a trust or need a fiduciary to manage legal and/or financial matters, it is imperative that you work with a reliable professional who provides you with the peace of mind that your affairs are being properly handled. At Peters & Krown, our attorneys and staff go above and beyond to provide personalized, top-quality services to our clients. Among other services, our trust attorneys are prepared to:
- Sit down with you to discuss your needs during a confidential initial consultation;
- Answer any questions that you have about trusts and trust planning, generally;
- Help you establish the right type of trust for your specific situation and planning goals; and
- Serve as the trustee—acting as a fiduciary to ensure your assets are adequately protected and your trusted estate is property distributed – providing you with true peace of mind from the beginning of the process to the very end.
Get Help from Our Trustee and Fiduciary Services Attorneys Today
At Peters & Krown, we are committed to providing personalized and reliable trustee and fiduciary services to individuals, families, and business owners. If you have any specific questions or would like to learn more about our trustee and fiduciary services, please contact us today. We will be happy to schedule an initial consultation. We proudly bring trustee & fiduciary services to clients in Bigfork, the Flathead Valley, and throughout western Montana.