Individuals often name family members or friends to serve as trustees. As a close family friend or relative, you may understand the family dynamics and the beneficiaries’ needs better than a professional fiduciary. However, serving as trustee can be a difficult job. You are responsible for not only protecting and investing the trust assets, but also for distributing (or not distributing) them to the beneficiaries in accordance with the settlor’s instructions as set forth in the trust instrument. Sometimes this requires careful interpretation of the trust language. Your performance is also subject to myriad state laws that may or may not be evident from the trust instrument itself. Violating any one of your fiduciary duties could be the basis for personal liability. Administering a trust properly also requires significant record-keeping and reporting duties, which you may find difficult to meet given outside demands on your time. Despite your best efforts, you may even find yourself involved in a dispute with a beneficiary. These issues can often be avoided with proactive management. Fortunately, our team of experienced attorneys, paralegals, trust administrators and other professional staff is here to advise and support you in your role as trustee. Should a dispute result in litigation, we will recommend outside counsel and, if desired and compatible with legal ethics rules, work with him or her to defend both you and the trust. Whether providing assistance on an as-needed basis or serving as the trust’s administrative and legal "back office," our goal is to assist you in carrying out your fiduciary duties competently, efficiently and with sensitivity.
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