Saving big on your 2024 taxes means planning now! Ask how to save $$$!
Saving big on your 2024 taxes means planning now! Ask how to save $$$!
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A Trustee owes a duty of honesty, integrity, loyalty and good faith to the beneficiaries of the trust. A trustee must at all times act exclusively in the best interests of the trust and be actively involved in any decisions. Prior to accepting the position of trustee, a potential trustee must ensure that:
Trustees must inform themselves of the terms of the trust and comply strictly with the duties and directions set out in the trust deed.
To act impartially between the beneficiaries
Trustees must not allow one beneficiary to suffer at the expense of another and must balance potentially competing interests for income and capital.
To provide information
Trustees are under a duty to provide clear and accurate accounts and produce any information, or other documents relating to the trust when required to do so by a beneficiary.
To act unanimously
(unless otherwise permitted by the trust deed)
With a highly respected and experienced staff of fiduciaries, you can count on Element as an impartial and trusted party to ensure that the directives of your trust are carried out and that the best interests of your beneficiaries are looked after. We make sure that trust agreements are manages properly with an eye on compliance, the needs of the parties to the trust, and the utmost discretion while simultaneously ensuring that the highest legal and ethical compliance standards are met. Choose Element to manage your trust and you will rest easy knowing that your directives are being carried out while also giving you an added layer of privacy while making sure no conflicts of interest arise. We are also available to answer your questions any time as well as being there for you if special needs, changes or requests are required. This eliminates the frustration of trying to contact a trustee on their terms and schedule. At Element we work for you and we never lose sight of that fact. Contact us today to discuss how we can help with your need for a reliable trustee.
Most people agree to act as successor trustee because they feel a sense of loyalty to the person who asked them. In many cases, the trustee is either a beneficiary of the trust, a close friend or relative, or the deceased person's accountant or other adviser. But sometimes, if you're asked to serve as a trustee, the best thing you can do for all involved is to politely decline. No one will be happy if you take on the job but are unable to give it the time and attention it requires. For example, if you live far away from where the settlor lived, you might decline so that a sibling who lives closer can take over. There are other situations where it simply may not make sense for you to serve as a trustee. Think twice about taking the job if:
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