"Being a trustee is the noble art of holding someone else's money while everyone else tells you how to spend it."
Trustee Services
Establishing a trust is an important step in planning for the future. But creating the trust is only part of the process.
Someone must ultimately be responsible for administering the trust, managing its assets, following its instructions, maintaining appropriate records, and acting in the interests of its beneficiaries. That responsibility belongs to the trustee.
At Taylor Retirement Solutions, trustee services provide experienced financial oversight for individuals and families looking for professional assistance carrying out the financial responsibilities associated with a trust.
What Does a Trustee Do?
A trustee is the individual or organization appointed to manage assets held within a trust according to the terms established in the trust documents. Depending on the type of trust and its provisions, a trustee's responsibilities may include overseeing trust assets, coordinating distributions, maintaining records, communicating with beneficiaries, and working with attorneys, accountants, investment professionals, and other advisors when appropriate. A trustee also has a fiduciary responsibility, meaning the trustee must act in accordance with applicable fiduciary duties and the terms of the trust.
Why Consider a Professional Trustee?
Many people initially consider naming a family member or close friend as trustee.
While that may be appropriate in some circumstances, serving as a trustee can involve considerably more responsibility than people realize. Trust administration may continue for years. The trustee may need to make financial decisions, interpret distribution provisions with the assistance of legal counsel when appropriate, communicate with multiple beneficiaries, maintain documentation, and navigate potentially sensitive family dynamics. Choosing professional trustee services can provide another option for families who want experience, objectivity, continuity, and financial oversight involved in the administration of their trust.
Taking the Burden Off Your Family
Being named a trustee can be an honor—but it can also be a significant responsibility.
A family member who is already dealing with the loss or incapacity of a loved one may suddenly find themselves responsible for financial accounts, beneficiary requests, distributions, documentation, and coordination with multiple professionals. For some families, appointing a professional trustee can help separate those administrative responsibilities from personal family relationships. It can also provide continuity if a trust is expected to remain in place for an extended period.
Experience Matters When Responsibility Matters
Trustees may be responsible for assets that represent decades of someone's work, saving, investing, and planning. That deserves careful oversight. Larry Taylor, CFP™ brings more than 40 years of financial industry experience to his work with individuals and families. His background provides valuable financial perspective when overseeing trust assets and coordinating trustee responsibilities as part of a client's broader financial and legacy planning.
Working Alongside Your Other Professionals
Trust administration often involves more than one area of expertise.
Depending on the circumstances, a trustee may need to coordinate with the client's estate planning attorney, CPA or tax professional, investment professionals, insurance professionals, and other advisors.
Taylor Retirement Solutions recognizes the importance of working collaboratively with the professionals involved in your financial and estate plan. Trustee services do not replace legal or tax advice. Instead, the goal is to help ensure the financial and administrative responsibilities of the trust are appropriately coordinated with the client's broader professional team.
Choose Your Trustee With the Same Care You Used to Build Your Legacy
You've spent years building and protecting what you have. Choosing the right person to oversee those assets can be just as important as deciding how they're ultimately distributed.
*Larry Taylor works in lockstep with leading estate and trust attorneys to deliver a comprehensive strategy that bridges the gap between your financial wealth and its legal preservation.
