Becoming a Trustee

The Situation

Andrew is getting older and his health isn’t what it used to be. He wants to transfer the responsibility of managing the family trust to his daughter Nicole.

Andrew wants to transfer the responsibility of managing the family trust to his daughter Nicole.

Nicole is happy to step up to the plate as trustee, but she’s feeling overwhelmed. There are so many moving parts and complexities to consider. She doesn’t have the legal, accounting, or investment expertise to feel confident in her decisions.

Beyond the practical aspects of managing the family assets and carrying out her father’s wishes, Nicole is worried about how her siblings will react to her new role. She needs help navigating both the financial and emotional challenges.

How JJ Burns Can Help

It’s an honor to be chosen as a trustee, but it comes with weighty requirements and legal obligations that can be intimidating. As trustee, you have a fiduciary duty to manage all assets responsibly, maintain records, oversee tax filings, and carry out the terms of the trust.

JJ Burns helps you understand your role and carry out your loved one’s wishes. We guide you through your options, spell out your responsibilities, and help you invest wisely. You—and all the beneficiaries of the trust—can count on our support at every step.

We help you:

  • Identify and fulfill all of your fiduciary responsibilities
  • Hire and coordinate with experienced trust accountants and attorneys
  • Ensure that all assets and payments are distributed according to the terms of the trust
  • Develop an investment strategy that protects the trust’s assets for future generations and avoids undue portfolio risk
  • Evaluate the needs of the beneficiaries and how much money is required for their fulfillment, both in the short- and long-term
  • Evaluate beneficiaries’ requests for funds, balancing the current needs against long-term interests
  • Hold family meetings with you and the beneficiaries to educate, set expectations, and encourage cooperation

Interested in learning more about how we can help you protect, manage, and distribute the trust’s assets? Call us at (631) 390-0500 or send a message to set up a complimentary phone consultation.