Keys to Fulfilling Your Trustee Duties
- Individuals considering naming a family member or friend as a trustee
- Those who are new to the trustee role
- Current trustees who want to better understand their responsibilities and risks
- An overview of a trustee's key duties
- The risks associated with being a trustee
- The options for filling-in any gaps in trustee expertise
Excerpt from the paper:
"To be sure, serving as a trustee can be a demanding and stressful job. This is why families often select those relatives or friends who are most reliable and have demonstrated a history of showing sound judgment. Some may, instead, hire a corporate trustee. Whether trustees decide to go it alone or to seek out third-party expertise, they will be expected to:
- Understand their responsibilities
- Be knowledgeable about the relevant income and transfer tax laws
- Oversee distributions from the trust
- Invest the assets in a prudent fashion
- Perform the necessary administrative functions
- File tax returns annually"
The six-page paper, written by a trust expert, goes into detail in each of these areas and outlines options for meeting trustee obligations. Fill out the form on this page to download the material.
About Fiduciary Trust
Fiduciary Trust Company is a privately owned wealth management firm focused on families, individuals, and nonprofits seeking objective advice to help grow and protect their investments. The firm also provides a range of services to professional financial advisors and single-family offices. Fiduciary's capabilities include customized wealth planning, investment management, trustee and estate services, and family office, tax and custody services. We also provide access to New Hampshire's advantageous trust laws, including no income and capital gains tax, through Fiduciary Trust of New England (FTNE).
Founded in 1885 as a family office, Fiduciary takes a personal approach based on expertise, strong performance and a genuine commitment to act in our clients' best interests. The firm's client focus has enabled it to achieve a 98% client retention rate, and together with FTNE, be recognized in the industry, including being named as a "Best Trust Company for Wealth Families" by Wealth Advisor and the recipient of the "Best Fiduciary/Trustee Service Award" by Private Asset Management Awards. Learn more about us at fidtrustco.com.