Professional Fiduciary Services
Milvidskiy Law Group P.C. serves as executor, trustee, and trust protector. These roles address different responsibilities: administering an estate, managing a trust, or providing oversight of a trustee. We help you determine which role fits your plan and the support your beneficiaries may need.
Professional Executor Services
As professional executor, we handle the administration of your estate and carry out the instructions in your will. Our responsibilities include:
- Manage and distribute your assets in accordance with your will.
- Handle all necessary legal and financial matters, including paying debts and taxes.
- Ensure a timely and efficient probate process.
- Communicate transparently with beneficiaries to prevent conflicts and misunderstandings.
Professional Trustee Services
As professional trustee, we manage trust assets and carry out the trust’s instructions for beneficiaries. Our responsibilities include:
- Administer and manage trust assets with fiduciary responsibility.
- Distribute trust assets to beneficiaries as per the trust terms.
- Maintain accurate records and provide regular accounting to beneficiaries.
- Handle all legal and tax-related matters concerning the trust.
Trust Protector Services
As a trust protector, we provide an additional layer of oversight and protection for your trust. Our role as a trust protector includes:
- Ensuring that the trust is administered in accordance with your intentions.
- Overseeing the actions of the trustee to prevent mismanagement or abuse.
- Amending trust terms if necessary, to adapt to changes in law or circumstances.
- Resolving disputes between trustees and beneficiaries to ensure the smooth operation of the trust.
Why Choose a Law Firm as Your Fiduciary?
Our attorneys bring estate and trust administration experience to these fiduciary roles. We explain the responsibilities, communication arrangements, and fees before an engagement begins.
Contact us to discuss whether a professional executor, trustee, or trust protector would be appropriate for your estate plan.
Frequently Asked Questions
How do executor, trustee, and trust protector roles differ?
An executor administers an estate and distributes assets under a will. A trustee manages assets under a trust and makes distributions according to its terms. A trust protector provides oversight and may have authority to address trustee performance, trust provisions, or disputes.
When might a professional fiduciary be appropriate?
Professional support may be useful when an estate or trust includes business interests or real estate, when administration requires experience that family members do not have, or when impartial decision-making is especially important.
What does a professional executor handle?
An executor manages and distributes estate assets, addresses debts and taxes, handles probate administration, and communicates with beneficiaries.
What should I consider when choosing a professional fiduciary?
Consider the responsibilities involved, the experience needed to manage the assets, the proposed communication arrangements, and the fees. The choice should also reflect the needs of your beneficiaries and the availability of family members or other trusted individuals.
What are the typical costs associated with hiring a professional trustee?
The costs of hiring a professional trustee can vary widely based on the complexity of the trust and the services required. Generally, fees are a percentage of the trust’s assets, ranging from 0.5% to 2% annually. Some trustees may also charge hourly rates or flat fees for specific services.
What does a trust protector add to a trust?
A trust protector provides a separate layer of oversight. The role may include monitoring trustee performance, modifying provisions, and resolving disputes. This additional responsibility can also add to the trust’s costs.
