Our Fiduciary Insights series offers thoughtful perspectives on trust and estate administration, fiduciary best practices, and the evolving needs of families and advisors. Each article reflects our commitment to the long-term care and preservation of the legacies we’re entrusted to protect.
The $84 Trillion Wealth Transfer Is Driving a Surge in Trust Litigation. What Trustees Need to Know Now.
The largest wealth transfer in American history is already underway. Cerulli Associates projects that $84.4 trillion will move from older generations to heirs and charities by 2045, including more than $72 trillion directly to beneficiaries [1]. Baby Boomers alone are expected to transfer more than $53 trillion. The most immediate impact of this transition is not financial. It is legal. Across the country, trust and inheritance disputes are rising in both volume and complexity as unprecedented amounts of wealth change hands. Why Trust Litigation Is Increasing 1. Family structures are more complex. Blended families, stepchildren, second marriages, and nontraditional households are now common. The American…
Why High-Net-Worth Families Are Choosing Private Trustees Over Banks and Institutions
When it comes to naming a trustee, many families instinctively think of a corporate trust department at a major bank. For discerning clients, a private professional trustee often provides a far better fit: especially when the goal is to preserve intent, values, and legacy. In recent years, more families and advisors have sought a higher standard of fiduciary service: one that blends professional expertise with personal attention. Unlike institutional departments, a private fiduciary relationship allows for meaningful connection, accessibility, and true alignment with the client’s long-term vision. Here are five key advantages of working with a Private Professional Trustee: 1. Personalized…
Trust Funding: Setting Your Trustee Up for Success
A revocable living trust is one of the most valuable estate planning tools. It allows you to manage your finances if you become incapacitated and provides long-term security for your loved ones after your passing. But signing the trust agreement is only the first step. To work properly, the trust must be funded. What Is Trust Funding? Trust funding is the process of transferring ownership of your accounts and property into your trust during your lifetime. In some cases, it also means designating the trust as the beneficiary on accounts so ownership transfers directly to the trust when you pass…
When a Trustee Becomes a Burden: How to Remove or Replace a Trustee in California
A trustee is meant to protect your legacy and faithfully manage your trust. But what happens when a trustee becomes more of a burden than a benefit? Unfortunately, it’s not uncommon for family members or friends serving as trustees to feel overwhelmed, mishandle responsibilities, or spark conflict among beneficiaries. The good news: trustees can be removed and replaced. Here’s what you need to know about when and how to remove a trustee in California—and why appointing a professional trustee can prevent many of these issues. What Does a Trustee Do? Trustees have broad responsibilities, which often include: Because trustees owe a fiduciary…
Why a Professional Trustee May Be Better Than a Family Member
If you’ve created a trust that you intend to last for decades, choosing the right trustee is one of the most important decisions you’ll make. The trustee will directly impact the trust’s longevity and ultimate success. At first, it may seem natural to name a family member as trustee. They know your children, understand their personalities, and may even be known for being responsible with money. Choosing a family member can feel like the most personal and cost-effective option. But even a well-meaning relative may not be the best choice for a long-lasting trust. Trustees must handle legal, financial, and…
Estate Planning for Spouses Who Co-Own a Business
Running a business with your spouse can be rewarding, but it also comes with challenges. Work stress can spill into your home life, and decisions may lead to conflict. If one spouse passes away, those issues don’t necessarily end. Proper estate planning can protect both your family and your business. Create a Revocable Living Trust A revocable living trust allows you and your spouse to transfer business interests into the trust. You can serve as co-trustees, with each spouse as the other’s beneficiary. When one spouse dies, their share passes directly to the surviving spouse or another chosen beneficiary. This…
How to Choose a Trustee (And Why a Professional Trustee Makes Sense)
One of the most important steps in creating a trust is choosing the right trustee. This person will administer the trust according to its terms and act in the best interests of the beneficiaries. In a revocable living trust, the creator often serves as trustee while alive. After their passing, the successor trustee steps in. Irrevocable and testamentary trusts (those formed through estate planning documents) have a trustee named from the start. Because these trusts cannot be changed, selecting the right trustee is especially critical. While many people feel tempted to choose a family member or close friend, it’s important…
Best Practices for Naming Successor Trustees
When creating a revocable living trust, one of the most important steps is naming a successor trustee. This individual will take over management of the trust’s assets when you are no longer able—either due to incapacity or after your passing. Choosing the right person or institution is essential to ensure that your trust is carried out as intended. Why Successor Trustees Matter While you will likely serve as trustee of your own revocable living trust during your lifetime, the role must eventually pass to someone else. After your death, the trust becomes irrevocable, meaning it cannot be changed. The successor…