If you are looking for help with private trustee services, look no further than The Law Office of Paul Black. We can help you. Book an appointment with us now.
Author: Paul Black
Paul’s experience as the son of two parents with big health challenges is what led him to the work he does today and gives him first-hand knowledge of the challenges that many caregivers and family members face. After graduation from GSU Law, Paul was chosen from dozens of applicants nationwide as one of three 2010-2011 Borchard Foundation Law & Aging Fellows. Paul has been named as a SuperLawyers “Rising Star” in the area of Estate Planning and as a member of Georgia’s “Legal Elite” by Georgia Trend magazine. Published on: June 14, 2023.
The Law Office of Paul Black – Private Trustee Services
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So you have established a personal trust, and now you must appoint a trustee to administer it.
You may have considered appointing one of your beneficiaries, a friend, or a relative to manage your trust estate. However, beneficiaries and relatives may not always be the right choice.
Managing trusts might be too complex for a family member, relative, or friend, especially those with full-time jobs and other responsibilities. Often, legal and investment management skills and fiduciary expertise are required. Moreover, beneficiaries may have competing interests, and family conflicts can arise. And then, there are issues of privacy and confidentiality.
For these reasons, many trust grantors choose to appoint a private, professional trustee to administer their trust according to their estate plan and will.
If you are looking for a private trustee in Georgia, the Law Office of Paul Black can help. Our estate planning lawyer can execute your trust professionally, impartially, and confidentially.
You haven’t set up your trust yet? We can advise you on how to set up a revocable or irrevocable trust and help you appoint a trustee.
What Are Private Trustee Services?
A private trustee is a third-party individual or company that manages trust assets on behalf of the grantor and their beneficiaries. Professional private trustees have a fiduciary duty to the beneficiaries, which means they manage the assets in their best interest.
Because they are usually not part of the family and have no right to the trust assets, private trustees are efficient in managing and distributing assets impartially and according to the grantor’s will and instructions. Private trustee services can be provided by an individual trustee, such as an attorney or investment advisor, or a corporate trustee, such as banks and trust firms or groups.
The trust document may assign special administrative responsibilities to the trustee, but the following are the most common duties of private trustees:
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Creating an inventory of assets and keeping records
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Distributing assets according to the trust agreement
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Safeguarding trust assets
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Submitting tax returns
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Documenting and keeping track of all transactions
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Keeping the beneficiaries informed and providing reports to regulatory bodies
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Making decisions that align with the grantor’s wishes
Regular communication with the beneficiaries is critical for the smooth administration of the trust. Trustees must take the initiative to reach out, explain the grantor’s intentions, and be available to answer questions or resolve concerns.
Paul Black from the Law Office of Paul Black can offer you highly personalized private trust services. He has years of experience in all aspects of estate planning, including trust administration.
If one of your beneficiaries is a person with special needs, any decision you make regarding the trustee will affect them the most. You may need to retain the services of estate lawyers for special needs planning support.
Benefits of Private Trustee Services
A private trustee service provider has the skills, experience, and knowledge to honor the trust agreement and the grantor’s wishes.
Here are some benefits of appointing a private trustee.
Confidentiality
Confidentiality around trusts and their management is critical. If you choose to contract the trustee services of an estate lawyer, you will benefit from the added layer of legal support and confidentiality, as lawyers are ethically and legally bound to the highest standards of client confidentiality.
At the Law Office of Paul Black, we are committed to maintaining the confidentiality of your trust at personal and professional levels.
Objectivity
Because your private trustee provider is not a trust beneficiary, they can administer and distribute your trust assets objectively and impartially.
If we have drafted your trust, we are in a great position to interpret and execute it in line with your wishes.
Expertise
Estate planning attorneys are experienced in all matters related to trust administration. They are familiar with estate administration laws and the potential problems with trusts that can arise. Therefore, they have the knowledge and expertise required to ensure the proper management of your trust.
Experienced estate lawyers are also good at conflict resolution. Hopefully, no conflicts will arise around your trust assets and administration. However, should this be the case, we are well-situated to resolve the conflict and protect your trust.
Continuity
Trusts are often established to ensure the continuity of wealth and legacy. As your private trustee, we can manage your trust for as long as the trust agreement allows.
Other benefits of hiring a private trustee include the following:
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Minimizing conflicts of interest
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Providing more freedom and independence in trust administration
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Direct involvement of experienced professionals in managing the trust
Choosing the Right Private Trustee
The importance of choosing the right private trustee cannot be understated. When making this critical decision, you should consider the potential trustee’s reputation. Are they accountable to a code of professional ethics? Are they upstanding members of the community? What kind of legal background do they have? Importantly, do you feel they are trustworthy and will respect your wishes when you are no longer there?
Another important consideration is the potential private trustee’s experience. Do they have experience managing trusts? Will they have the knowledge and acumen to manage the trust’s financials? Can you see them as trusted advisors?
It is an excellent idea to meet personally with the potential trustee, spend some time with them, and assess their transparency regarding their fees. A valuable resource to assess their reputation and experience is internet-based reviews.
Ultimately, it would be best to choose someone you can relate to and who can engender trust, resolve conflicts, and maintain fairness.
The Law Office of Paul Black Can Help
The Law Office of Paul Black has many years of experience providing personalized estate and trustee services to clients in Atlanta and Decatur, Georgia, including:
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Estate planning
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Probate
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Elder law
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Uncontested guardianships and conservatorships
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Special needs planning
Paul strives to give each client the same level of care and attention that he would want for his family members. Internet and rave reviews bear testimony to an excellent client-trustee relationship. Contact us and book a consultation today.
