Fiduciary Services
When it comes time to carry out and administer estate planning arrangements, the weight falls on to the shoulders of the fiduciary – the trustee, executor or attorney-in-fact. Our Fiduciary Services team assists and guides fiduciaries as they perform their duties and fulfill their obligations. In appropriate circumstances, our firm can also serve as trustee, executor and/or attorney-in-fact for you and your family.
FAQs
What is a fiduciary?
A fiduciary is an individual or institution designated to act on behalf of and for the benefit of another. In the estate planning and estate administration context, the fiduciary is most often an attorney-in-fact, executor or trustee, but can also be the guardian for a minor or otherwise incapacitated individual or anyone else acting on behalf of and for the benefit of another.
What is the role of an attorney-in-fact ?
An attorney-in-fact is the individual or institution designated in your Durable General Power of Attorney to assist you in the management of your financial and administrative affairs in the event of your incapacity. Depending upon the powers granted in the power of attorney document, an attorney-in-fact will be responsible for (i) paying bills, (ii) managing your real estate, accounts (cash, taxable investments, retirement, etc.) and other assets and (iii) taking any other steps necessary to carry out your financial and administrative affairs.
What is the role of an executor?
An executor is the individual or institution designated in a Last Will and Testament and charged with carrying out the terms of the will and complying with local and state laws and the administrative process required by the court. An executor is responsible for (i) meeting all the reporting and filing requirements to administer and settle the probate estate as required by the probate laws of the state where the decedent was living at the time of the decedent's death, (ii) paying all of the decedent's last bills, funeral expenses, and estate administration expenses, (iii) filing final income tax returns and estate tax returns (if necessary) and paying any income and estate taxes due and (iv) distributing all of the decedent's assets in accordance with the directions in the decedent's will.
What is the role of a trustee?
A trustee is the individual or institution designated in a will (establishing a testamentary trust) or trust (revocable or irrevocable) and charged with managing the trust assets for the benefit of the beneficiaries of the trust. The trustee's job description is usually defined in the document appointing the trustee (will or trust). The trustee must carefully follow the directions in the governing document as well as the state laws that govern trustees. Generally these responsibilities include (i) working with the beneficiaries to meet their needs in accordance with the governing document, (ii) supervising the investment of the assets held in the trust in accordance with the governing document and the appropriate state laws, (iii) making distributions to or for the benefit of the beneficiaries in accordance with the governing document and (iv) filing trust income tax returns.
Is a fiduciary entitled to compensation?
State law governs compensation for fiduciaries, but most will provide that fiduciaries are entitled to “reasonable compensation.” Executors' fees are subject to the approval of the Commissioner of Accounts, as are the trustees' fees in connection with trusts under wills. We recommend that you investigate and compare the potential fees of the fiduciaries you are considering naming as attorneys-in-fact, executors and trustees.
What to Expect
We are committed to providing the very best fiduciary services. To achieve that end, you can expect the following when working with us:
Dedication
Assistance from attorneys, legal assistants and other support staff who specialize in representing fiduciaries and serving as a fiduciary and who continually receive training to provide the very best services.
Continuity
A team of professionals who will assist you so that the absence of one particular individual will not prevent you from receiving advice on any urgent matter and that we will be available to handle your legal matters promptly and efficiently.
Commitment
A continuing relationship with us so that, we can help you carry out your duties as fiduciary, or to serve as fiduciary, for the benefit of your family and the beneficiaries in the years to come. We are truly dedicated to growing with you and helping you fulfill your duties and responsibilities over time.
Full Service Solutions
Guidance not only in interpreting and understanding the operative documents, but support in more specific areas such as estate, inheritance and income tax filing requirements, understanding statutory requirements such as the prudent investor act, the uniform principal and income act and the uniform trust code (if applicable), coordination with financial planners, CPAs and other professionals and all other assistance necessary to provide the most comprehensive services available.
A Helping Hand
In the event a legal, tax or other matter arises for which we are unable to provide proper advice, we will ensure that you are provided with referrals to the most capable and trustworthy advisors who are committed to the same standard of excellence to which we dedicate ourselves.
Our Fees
Representing Fiduciaries
Typically, the fiduciary engages us to consult on various legal matters that arise while they are serving as fiduciary. It is impossible to predict the exact scope of our representation and the amount of time required to carry out that representation. Consequently, we generally bill such services on an hourly (time and charges) basis. This will ensure that you pay for the actual time and resources spent on your case.
Serving as Fiduciary
Our fees for serving as attorney-in-fact, executor and/or trustee will be charged in accordance with our fee schedule in effect at the time services are performed. A copy of our current fee schedule is available for your review. Our fee schedule may be amended from time to time; however, changes will be reasonable based on the fees charged by other professional fiduciaries performing similar services.