Independent Trustee Lawyer East Greenwich, RI
Our East Greenwich, RI, Independent Trustee Protects Your Assets
A robust estate plan contains your will, advanced directives, and, likely, at least one trust. The kind of trust (or trusts) that you create is a critical part of legacy estate planning and the first step to building generational wealth. But, a trust is only as good as its construction and your choice of trustee. The role of an independent trustee is one that many people fail to consider, but when you want peace of mind that your trust will serve its purpose and benefit the beneficiary, it’s one of the best solutions legally possible. Our East Greenwich, RI, independent trustee lawyer can explain the benefits of having a third party oversee your trust.
At Aptt Law LLC, we offer comprehensive trustee services. Our experience in professional estate planning has honed our knowledge of and commitment to our fiduciary obligations. We also know that different types of trusts require different trust management styles. Contact us today for a bespoke consultation.
Professional Independent Trustee Services For Legacy Estate Planning
Some types of trusts, like irrevocable trusts, cannot be administered by the grantor (the person who created it, i.e., you). You must appoint another party to administer the trust, who is referred to as the trustee. Most people choose a family member or close friend, but just because you love and trust someone doesn’t mean they are especially well-equipped to administer a trust, or that they would even want such a responsibility. In fact, choosing a family member as trustee could significantly hamper your goals for building generational wealth and create unintended animosity in the family.
On the other hand, an independent trustee is a neutral third party who serves only the trust. Usually, this person has professional experience in law, estate planning, finance, or specialized trust administration. As impartial parties, they are less likely to be swayed by the beneficiary’s entreaties and less likely to use trust money for expenses that the trust wasn’t intended to pay for. Our firm includes an experienced estate planning attorney with a background representing real estate investors, ideal for managing a trust containing real property. We can also retitle real estate as needed to fulfill the purpose of the trust, so we better serve your financial obligations.
Independent trustees understand the taxation and legal issues required of both private and corporate trustees. They have an ethical duty to uphold their fiduciary responsibilities to the trust. Their expertise can ensure that the trust operates effectively and efficiently. There tends to be less risk, too, with a third-party-administered trust. Someone without firsthand knowledge of administering a trust may make mistakes that a professional wouldn’t.
Comprehensive Independent Trustee Services
Our team has the practical background experience with trust administration to help ensure that your intentions for setting up the trust are carried out. We understand the legal and financial aspects of trusts and can represent them in court if necessary. As skilled generational wealth lawyers, we can also offer advice to help your trusts be more productive.
Open and honest communication between the independent trustee, the grantor, and the beneficiary is essential for the trust to operate smoothly. We provide regular reports on your trust(s) and answer your questions as they arise.
Do you need independent trustee services, or would you like to replace yourself or another person as trustee? Contact Aptt Law LLC.
Disclaimer:
- The Rhode Island Supreme Court licenses all lawyers in the general practice of law, but does not license or certify any lawyer as an expert or specialist in any field of practice. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer client relationship.
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- Disclosure Under IRS Circular 230: Any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any tax-related transaction or matter.
