Whether you’re creating an estate plan, serving as a trustee, or exploring independent fiduciary services for the first time, we’re here to help. Below are answers to some of the questions we’re asked most often.
Choosing an Independent Trustee
Choosing a trustee is one of the most important decisions you’ll make as part of your estate plan. While many people automatically name a family member or close friend, an independent trustee can provide professional administration, objective decision-making, continuity, and peace of mind. Learn when an independent fiduciary may be the right choice and the factors to consider before making your decision.
No. An independent trustee doesn’t replace your family—it assumes the legal and administrative responsibilities of trust administration while working in accordance with your wishes and the terms of your trust.
No. Families choose independent fiduciaries for many reasons, including reducing family conflict, providing professional administration, planning without children, or relieving loved ones of significant responsibilities. The decision is about much more than the size of an estate.
In many cases, yes. If your trust is revocable, you can generally update your trustee selection as your circumstances or preferences change. Your estate planning attorney can help you make those updates.
Working with Trust Experience
To ensure continuity of service, estate planning documents should identify the licensed fiduciaries who will serve rather than simply listing “Trust Experience.”
Yes. We believe the best outcomes occur when experienced professionals work together. Our role is to provide fiduciary oversight while coordinating with the advisors you’ve already chosen.
Not necessarily. In many cases, clients continue working with their existing financial advisors while Trust Experience serves as trustee.
No. Depending on your needs, we may serve in a variety of fiduciary roles, including trustee, successor trustee, executor, administrator, conservator, agent under a power of attorney, and more.
Estate Planning
It’s a good idea to review your estate plan after major life events such as marriage, divorce, the birth of a child or grandchild, the death of a loved one, significant changes in assets, or changes to your chosen trustee.
Many people without children choose an independent trustee because they don’t have an obvious family member to serve. An independent fiduciary can provide professional administration and long-term continuity.
Family dynamics are one of the most common reasons people consider an independent trustee. A neutral fiduciary can administer the trust according to its terms without taking sides.
Trust Administration
A trustee is responsible for administering a trust according to its terms. Responsibilities may include managing assets, communicating with beneficiaries, maintaining records, coordinating with tax and legal professionals, making distributions, and fulfilling fiduciary obligations.
If your first choice is unable or unwilling to serve, the next successor trustee named in your documents is typically appointed. This is one reason it’s important to review your estate plan periodically.
Trustee compensation depends on the size and complexity of the trust, the services provided, and the work involved in administration.