Scenario: Carol and her aunt had always been close and she felt honored when her aunt named her as trustee and executor for her estate. However, years later when her aunt was diagnosed with a terminal illness, Carol began to worry that she may be in over her head. She questioned whether she’d be able to devote the time and attention required to carry out the many duties of trustee on top of her demanding career and a growing family of her own.
Solution: The role of trustee can be complex and demanding. The trustee’s duties must be carried out in a timely and attentive manner, as Carol was well aware. After expressing her concerns to her aunt, her aunt’s attorney suggested a meeting with The Private Trust Company. One of our experienced trust officers met with Carol, her aunt, and their attorney to discuss Carol’s concerns, her aunt’s wishes, and how The Private Trust Company could take the more arduous aspects of trust administration off of Carol’s plate. Following the meeting, Carol’s aunt chose to appoint The Private Trust Company as agent for trustee. Later, upon her aunt’s death, we were able to simplify Carol’s role as trustee by fulfilling the numerous administrative requirements of her aunt’s trust, while providing Carol with ongoing access to the expertise, guidance, and resources she required in maintaining overall responsibility for the trust.