New Jersey & New York Estate Planning Attorneys

Professional Fiduciary Services

Professional Fiduciary Services

At Milvidskiy Law Group P.C., we offer comprehensive Professional Fiduciary Services to ensure the effective and ethical management of your estate. Our fiduciary services encompass roles such as Executor, Trustee, and Trust Protector, each tailored to meet your specific needs and ensure your wishes are honored with the highest degree of professionalism and integrity.

Professional Executor Services

Our Professional Executor Services are designed to provide you with peace of mind knowing that your estate will be managed and distributed according to your wishes. As your professional executor, we will:

  • 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.

Example: When a family member serves as executor, it can sometimes lead to conflicts among beneficiaries. By appointing a professional executor from Milvidskiy Law Group P.C., you can ensure impartial and conflict-free administration of your estate.

Professional Trustee Services

Our Professional Trustee Services provide expert management of your trust, ensuring that your assets are handled according to your specific instructions and in the best interest of your beneficiaries. As your professional trustee, we will:

  • 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.

Example: If a trustee lacks the necessary expertise, the trust’s assets might not be managed optimally, potentially reducing the benefits to your beneficiaries. Our professional trustee services ensure that your trust is managed by experts, maximizing the value of your estate.

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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.

Example: Changes in law or unforeseen circumstances can impact the administration of your trust. A trust protector can make necessary adjustments, ensuring that your trust remains effective and aligned with your wishes.

Why Choose a Law Firm as Your Fiduciary?

Choosing Milvidskiy Law Group P.C. for your professional fiduciary services ensures that your estate and/or trust are managed by experienced professionals dedicated to upholding your wishes with the utmost integrity. Our team brings extensive knowledge, transparency, and a commitment to ethical standards, providing you and your beneficiaries with peace of mind.

Contact us today to learn more about our Professional Fiduciary Services and how we can assist you in ensuring the effective management and protection of your estate and trust.

Frequently Asked Questions

The benefits of using a professional trustee include expert management of trust assets, legal and regulatory compliance, impartial decision-making, conflict resolution, and comprehensive record keeping. Professional trustees bring specialized knowledge and experience, ensuring that the trust is administered efficiently and in the best interests of the beneficiaries.

The disadvantages can include higher costs compared to using a family member or friend, potential lack of personal connection with beneficiaries, and the need to carefully select a trustworthy and reputable professional. Additionally, some beneficiaries might feel disconnected from the decision-making process due to the formal nature of professional trusteeship.

It is advisable to use a professional trustee when the trust assets are complex, such as when they include real estate, business interests, or significant financial investments. Professional trustees are also beneficial in situations where beneficiaries are unable to effectively manage the trust assets due to young age or lack of responsibility, where there might be conflicts among beneficiaries, or when the trustor wants to ensure impartial and expert administration.

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.

While having a friend or family member serve as a trustee can be less expensive and more personal, it can also lead to conflicts of interest, lack of expertise, and potential family disputes. Professional trustees offer impartiality, expertise, and adherence to fiduciary responsibilities, which can be crucial for the proper management of the trust.

Attorneys are better equipped to serve as trustees due to their extensive legal knowledge, especially in trust and estate law. They ensure compliance with all legal requirements, navigate complex legal issues, and provide sound legal advice. Additionally, attorneys are held to a higher professional and ethical standard, which means they have a fiduciary duty to act in the best interests of the beneficiaries, ensuring trust assets are managed with integrity and diligence. Their expertise and commitment to these high standards can prevent legal pitfalls and protect the trust’s assets effectively.

Whether to name a professional trustee as a primary or successor trustee depends on the trustor’s preferences and the complexity of the trust. Naming a professional as a primary trustee ensures immediate expert management, while appointing them as a successor trustee can be a contingency plan if the initial trustee is unable to serve.

Fees for trustees vary based on their role. Administrative trustees typically charge lower fees since their duties involve record keeping and compliance. Distribution trustees might charge more due to the added responsibilities of managing distributions to beneficiaries. Full trustees, who handle all aspects of the trust, generally have the highest fees due to the comprehensive nature of their services.

A Trust Protector is an independent third party appointed to oversee the trustee’s actions and ensure they adhere to the trustor’s intentions. Their role can include monitoring trustee performance, modifying trust provisions, and resolving disputes. The presence of a Trust Protector can add to the overall costs but provides an additional layer of oversight and protection for the trust.

A professional trustee is strongly recommended in situations involving large or complex trusts, significant real estate holdings, business interests, or when there are potential conflicts among beneficiaries. They are also advisable when the trustor desires a high level of expertise and impartial administration to ensure the trust operates smoothly and in accordance with their wishes.

What Our Clients Are Saying

Based on 62 reviews

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My husband and I had a very positive experience working with the Milvidskiy Law Group. They were very knowledge and professional and an overall pleasure to work with. I strongly recommend using this law firm.

Barbara W.

The Milvidskiy team was incredible and I am so grateful for their timeliness, compassion, and patience during such a difficult time for our family. During our time at the hospital, many people talked to us instead of speaking with us, however, their legal team was the exception. I am very impressed with how they navigated the tense situation with some of our family members and felt that their empathy was heartwarming. I will be forever grateful for their help ensuring our grandfather’s wishes were listened to and will be honored.

Thomas B.

Mr. Milvidskiy and his staffs are so professional and helpful all the time. I recommend them highly to anyone.

Phoebi L.

My experience with the Milvidskiy Law Group was a positive one. They were always available to answer any of my questions. If I did have to leave a message or email a question/concern they would always respond back in a reasonable amount of time. I would recommend this Law group!

Teresa W.

This firm was wonderful and I highly recommend them. They took the time to explain everything to me as I set up my Estare plan. They answered all my questions and did not pressure me into anything I didnt want it need. I feel very at ease and relieved that this was taken care. I also know they remain there if I have any questions down the road. All I have to do is call. Best thing I did this year!!

Susan C.

We were very impressed with the serviced we received from the Milvidskiy Firm. They were responsive and very professional. They delivered as promised. We highly recommend them! Their fees are quite reasonable.

Rose F.

Highly recommend using the services of Milvidskiy Law Group! We were pleased with the level of service, knowledge and forward thinking. Mr. Milvidskiy offered creative and thoughtful ideas for us. Thank you!

Elena A.

Estate Planning can be a complicated and technical endeavor for most individuals like myself and my wife. In additon, finding a competent Estate Planner can be equally difficult. However from the outset we were quickly assured that we had selected the right firm to handle all our Estate needs. Our attorney,Andre, and his assistant, Pamela, emphasized, that in order for a plan to be successful, it must be understood in it’s entirerty and it needs to meet all the individual concerns of the client. In that vein technical aspects were explained in laymans terms and all our questions were not only encourgaged but answered fully to our satisfaction. We’ve had experiences with other law firms but by far we found the Milvidskiy Law Group to be Professional, Trustworthy, Experienced In the Law and Genuinely interested in the welfare of their clients.

Sal M.

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