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Other Fiduciary Services

Description of Other Fiduciary Services

Services include assisting the trustee or executor (“the fiduciary”) with some or all of the following:

  • Identifying all beneficiaries and introducing the ProFiduciary team to the fiduciary, the beneficiaries, and their representatives.

  • Responding to all fiduciary communications on a timely basis and keeping the fiduciary and the beneficiaries informed on general estate administration matters.

  • Communicating action item timeframes to the fiduciary and/or beneficiaries.

  • Collecting all estate, or trust estate assets, documents and records.

  • Safekeeping all assets, documents and records.

  • Reregistering title to all assets and liabilities as necessary and update title to assets as necessary.

  • Identifying and documenting all liabilities.

  • Properly insuring all assets as necessary.

  • Valuing all assets and liabilities and communicating those values to the fiduciary and/or beneficiaries.

  • Providing the fiduciary and/or beneficiaries with periodic statements and/or accountings of assets and liabilities.

  • Reviewing the allocation of all investments and making recommendations to the fiduciary to determine whether any assets should be sold, purchased or exchanged during administration period.

  • Reviewing whether liabilities should be paid off, refinanced or maintained and making recommendations to the fiduciary.

  • Providing notices to creditors as necessary.

  • Developing an investment policy statement with financial advisor(s) given the timeframe to settle the estate and ultimate distribution of assets and making recommendations to the fiduciary.

  • Coordinate with the fiduciary, co-fiduciaries and advisors as necessary regarding investment recommendations, decisions and action items.

  • Investing all financial assets during the administration period utilizing the advice and services of financial advisor(s).

  • Supervising financial advisor(s) investment performance, adherence to investment policy statement, reinvestment of cash, distribution, etc.

  • Taking action on capital changes, corporate reorganizations, proxies and maturing items.

  • Consulting with legal and tax counsel regarding trust administration, estate tax payments strategies, tax returns, and investments as necessary.

  • Independently and impartially administering the estate, or trust estate, pursuant to the terms of the governing documents and/or state law for the protection and benefit of all current, future and contingent beneficiaries.

  • Coordinating the preparation and filing of the final personal income tax returns and trust fiduciary tax returns, as necessary.

  • Coordinating the preparation and filing of estate and/or gift tax returns, as necessary.

  • Tracking and monitoring all accounts payable and accounts receivable payments.

  • Monitoring medical care, insurance claims and reimbursements for the benefit of current trust income beneficiaries, as appropriate.

  • Supervising property managers, tenant relations, and lease/rental negotiations.

  • Filing and maintaining all estate administration records.

  • Supervising real estate property maintenance, repairs, and capital improvements.

  • Assessing need for leverage on real estate assets and adhere to loan covenants as necessary.

  • Facilitating real estate sales, acquisitions and 1031 tax-deferred exchanges.

  • Collecting rental income, royalty income and tenant reimbursements.

  • Paying real property taxes, insurance, mortgages and other related expenses.

  • Managing, or hiring third-party professional managers for non-financial assets such as: oil, gas and mineral interests; closely held business interests; private equity interests; intellectual property; etc.

 

Note: any reference to ProFiduciary communicating with beneficiaries in addition to the fiduciary may be proscribed by the fiduciary in writing.

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​If you are establishing a trust, locating an expert in estate administration, or are seeking a respected trustee for a will or a trust, ProFiduciary will solve any of your financial challenges and can be counted on to act as independent agents guiding you and the beneficiaries of your trust.