SUCCESSOR TRUSTEE SERVICES
Is your current trustee unable to serve? Legacy Fiduciary Services can provide professional trustee services in many different ways.
As Sole Trustee
If named as sole trustee, LFS will assume the administrative and fiduciary responsibilities of managing the trust according to the terms of the trust agreement.
The financial advisor can continue to exercise investment management responsibility over the trust assets.
If named as a co-trustee, LFS will share the administrative and fiduciary responsibilities of managing the trust with another named trustee. This other trustee could be the client, a family member or someone else.
Again, the financial advisor can continue to have investment management responsibility over the trust assets.
As Successor Trustee
If the client would like Legacy Fiduciary to step in once the client is no longer serving as trustee, he/she can name LFS as the successor trustee.
When LFS assumes the fiduciary responsibilities, the financial advisor can continue to have investment management responsibility over the trust assets.
This option will avoid placing the burden and risks of serving as trustee on the client’s family or friends.
As a Replacement Trustee
If the client is dissatisfied with the current trustee, many trust agreements will allow the beneficiary to replace the trustee with LFS.
If the trust document does not explicitly grant the beneficiary the power to replace and appoint trustees, the beneficiary may be able to do so under Virginia law.
Advantages of Appointing LFS as Successor Trustee
LFS can address the concerns of all the parties involved in the administration of your trust. Some advantages of naming LFS are:
Longevity. As a professional limited liability company, LFS can manage a trust for generations.
Expertise. LFS attorneys understand the roles and duties of serving as fiduciary and are dedicated to ensuring that careful planning is implemented.
Objectivity. Like banks and trust companies, LFS can be objective and independent when dealing with beneficiary requests and be less influenced by family dynamics.
Checks and Balances. Since LFS contracts with non-affiliated investment advisors to manage the investment of the trust assets, it will provide independent oversight and compliance with trust documents.
Personal Service. LFS is a law firm where a specific attorney will work to establish a long-term relationship with clients, financial advisors, and beneficiaries.
Challenging Situations. As attorneys, we are accustomed to handling difficult family situations and assets such as real estate and businesses that banks and trust companies prefer not to handle.
Cost. Fees charged by LFS are generally less than those charged by banks and trust companies.