What a Trustee Does

I’m often asked what we do as an independent fiduciary. 

If our client is alive, we have the privilege of stepping into their shoes to run their lives. We often hire health care aides, determine what assets the client has and make sure assets get moved into the Trust where appropriate, pay bills, manage funds, prepare whatever legal documents they may need, prepare annual accountings, etc. Depending on the needs of the client, I make home visits to them regularly, take them to lunch, and in one case, my ice cream addict, we went for ice creams regularly (there was a question as to which of us was the more addicted!)

With most of the Trusts, the individual is no longer alive, so my job description changes to cleaning out a house, marshalling assets, following the Trust to determine who gets what and when, and winding down someone’s life. Sometimes clients leave funds to their children for their lifetime, to avoid any impact of creditors or potential divorces — so their Trust may continue for decades. Other Trusts last only a few years.