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Private Fiduciary / Trustee

How Can a Private Fiduciary, Acting As Successor Trustee, Help Me?

A Private Fiduciary who acts as Successor Trustee, is also known as a trust administrator. They are named in the trust document to perform trust administration duties when the trust creator becomes incapacitated or dies. When a trust is created, in addition to naming the beneficiary, a trustee & successor trustee must also be named. The trustee is usually the creator. The trustee or successor trustee is responsible for protecting the assets in the trust and ensuring they are used according to the wishes of the individual who established the trust. The successor trustee oversees the distribution of trust assets to the designated trust beneficiaries named in the trust according to the instructions of its creator upon his death. The beneficiaries of the trust will receive the trust assets without going through probate.

What is Trust Administration?

Trust administration involves overseeing and properly managing all assets held within a Trust. Trust administration usually takes place upon the death of the trust creator.  A trust may hold title to real property or to financial assets, such as brokerage and bank accounts, etc. Trusts are commonly created as an estate planning tool, to avoid probate upon the death of the trust creator.

Types of Trusts

  • Special Needs Trusts, for people with special needs.
  • Revocable Living Trusts (most common)
  • Life Insurance Trusts
  • Irrevocable Trusts

The duties involved in trust administration vary depending on the nature of the trust created. The trustee has a fiduciary duty which means he/she owes the highest obligation to protect the assets in the trust and the interests of the beneficiaries. He cannot divert assets, or co-mingle assets from the trust into his own name, put the assets at risk in any way or otherwise behave in such a manner that interferes with the purpose of the trust as determined by the trust’s creator.

Trust Accounting Services

Please call us at (408) 294-5390 for more information on this service.