Why Is an Independent, Professional Trustee a Good Idea, and Why Should You Avoid Volunteer or Family Trustees?
A well‑chosen trustee brings competence, steadiness, and harmony to a family’s long‑term plan. If you read “What Does a Trustee of a Trust Do, Anyway?,” then you know the role of trustee carries significant responsibilities. Even with the best intentions,…
What Does a Trustee of a Trust Do, Anyway?
Most people have heard of trustees, but few understand the true scope of what they do. A trustee is a fiduciary, meaning someone legally obligated to put the interests of others ahead of their own. This obligation is not merely…
Choose a Trustee with These Three Characteristics
If it’s time to choose a trustee, carefully consider these three characteristics: their reputation, empathy, and procedural approach. Transitioning from a long-standing relationship with an advisor, teacher, coach, doctor, lawyer, CPA, trustee, or financial advisor - whether due to retirement...
Choosing an Administrative Trustee: Relieve the Emotional Weight of Estate Settlement with NPT
Settling the affairs of a deceased loved one is never an easy task, but with the continued developments of the digital landscape, the process has become even more overwhelming. When our sister company Borchers Cusano Trust Law first promoted their…
Duty of Loyalty: A Non-negotiable Rule for Trustees
A bedrock principle for a trustee is tied to their duty of loyalty, which requires the professional to act solely in the best interests of the trust and its beneficiaries. Trustees must strictly avoid any conflicts of interest or self-dealing,…
How are Directed Trusts Used in Estate Planning?
Directed trusts have emerged since 1986 as an important and yet arguably underutilized estate planning and trust administration tool, offering unique advantages in terms of trustee liability, cost efficiency, and potential tax savings. By implementing directed trusts, savvy families and...
Trustee Responsibilities: 6 Common Challenges for Trustees
As a trustee, you hold a position of significant responsibility. Your role involves managing trust assets and making decisions that directly impact the beneficiaries. However, this role is not without its challenges and potential pitfalls. Missteps can lead to legal...
Should You Name Your Child as Trustee?
Parents: Should you name your child as Trustee? Children: Should you really serve as the Trustee if you are named? If you have a son or daughter with good business sense, you may have concluded that he or she would...