Trustee and Fiduciary Services
Establishing a trust can provide meaningful benefits, including probate avoidance, privacy, incapacity planning, and structured distribution of assets. Those benefits depend on proper administration. Thoughtful selection of a trustee is therefore a critical component of any estate plan.
At Peters & Krown, our primary role is to advise clients on the creation, structure, and administration of trusts. As part of that representation, our attorneys can discuss trustee selection and the practical responsibilities involved. In appropriate circumstances, our attorneys can serve as the trustee of your revocable or irrevocable trust, providing you with peace of mind and personalized service.
Understanding the Trustee's Role
A trust generally involves three roles: the person creating the trust, the trustee who administers it, and the beneficiaries who receive assets from the trust. The Trustee is responsible for carrying out the terms of the trust, managing assets prudently, communicating with beneficiaries, maintaining records, and making distributions as directed.
Serving as trustee requires judgment, organization, and adherence to fiduciary duties. Many clients initially consider naming a family member or friend. While that can be appropriate, it is not always the best fit depending on the complexity of the assets, family dynamics, or long-term administrative needs.
Attorney Involvement in Trustee Selection
Our attorneys regularly advise clients on trustee selection as part of the estate planning process. This includes evaluating:
- the nature and complexity of the trust assets
- the anticipated duration of trust administration
- the relationships among beneficiaries
- the need for continuity and administrative experience
In some cases, clients prefer a neutral third party to reduce the potential for conflict or administrative burden on family members.
Serving as Trustee
Where appropriate, an attorney at Peters and Krown may agree to serve as trustee of a revocable or irrevocable trust. These appointments are considered on a case-by-case basis and are not available in all matters.
When serving in that role, the attorney acts as a fiduciary and is responsible for administering the trust in accordance with its terms and applicable law. This may include coordinating with financial institutions, maintaining records, communicating with beneficiaries, and overseeing distributions.
Coordination with Other Fiduciaries and Advisors
Our involvement as trustee is intended to complement, not replace, other professional relationships such as investment advisors, accountants, or corporate trustees where those are appropriate. We frequently work alongside such professionals to ensure proper administration of the trust. This approach allows each professional to operate within their area of expertise while maintaining clear lines of responsibility.
Working Alongside Your Beneficiaries
In addition to managing the trust assets, our 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.
A Measured Approach
Peters & Krown is a law firm. We do not operate as a corporate or institutional trustee, and we do not provide standalone fiduciary or investment services to the public. Any decision for an attorney in our office to serve as trustee is made in the context of legal representation and the specific needs and requests of the client.
Discussing Your Options
If you are considering establishing a trust or evaluating trustee options, we can help you understand the available structures and the practical implications of each approach.
Please contact our office to schedule a consultation.