Husbands and wives most often name each other as successor trustee, when creating either a lifetime or testamentary trust. It is uncomfortable enough to have to contemplate death when sitting down with you attorney to draft the document, let alone consider all the consequences of naming each other as successor trustee.
However, the death of a loved one ranks first in most studies as the most difficult psychological and emotional event an individual will face during their life.
At the time of the trust’s creation the thought of who will die first is not foremost in one’s mind, nor the trustee duties and responsibilities. Many times, surviving spouses have limited or no experience in managing the assets and investments, and find themselves using the provisions of the trust to resign and appoint a trust company or a bank to take over the responsibility of trustee.
Pinnacle Fiduciary Services (PFS) offers experienced advice and guidance to trustees on how to perform the responsibilities of managing a trust. The purpose of our guidance and education is to give the trustee the information, knowledge, and confidence the trustee needs to manage the trust themselves.
PFS’s role is to provide hands on guidance to the trustee on their responsibilities, ensuring they understand the terms of the trust, providing them necessary skills to effectively manage trust assets and distribute them as called for in the trust instrument. The trustee must be encouraged to maintain open and transparent communication with beneficiaries and others with whom the trustee needs to have contact in order to fulfill the duties of trustee.
After a thorough review of the Trust, and a review of the trust assets, with the trustee, PFS advises the trustee how best to manage the current trust assts, explore possible investment strategies, address potential conflicts, and encourage ongoing education on relevant legal and financial matters.
PFS stands ready to serve as the trustee’s advisor and coach. To learn more, please contact PFS at Pinnacle Fiduciary Services.com or mavaida@pinnaclefiduciaryservices.com