Based on the needs of the trust, conservatorship or probate estate, fiduciary services can vary from managing daily bill payment to conserving and investing the assets of the trust or estate. Typical services may include:
Daily bill payment
Manage both income and expenses to meet the financial goals of the beneficiaries, parties or conservatees. Income can include public benefits, retirement income and investment returns.
Tax returns
Specialized tax returns are required to be prepared and filed on behalf of the trust, receivership or the estate of the conservatorship. Earnest Fiduciary will identify and retain a qualified and experienced tax accountant to prepare the required returns. Additionally, we will negotiate a competitive rate and manage the engagement from start to finish.
asset management
Non-financial assets will need to be indentified, titled in the name of the trust, conservatorship or probate estate and managed for the benefit of the beneficiaries, parties or conservatee. This also includes working with insurance brokers to ensure proper insurance policies and coverage are in place.
investments
Earnest Fiduciary will prudently invest the assets of the trust, conservatorship or estate to minimize the risk of loss and taking into account all of the relevant factors impacting the investment decisions, such as the goals of the parties, their risk tolerance and their investment time horizon. As with all third parties, we actively retain, supervise and manage those that render investment advice to the trust, conservatorship or estate.
Administration & management
Earnest Fiduciary will ensure effective and efficient collaboration among all members servicing the needs of the trust, conservatorship or probate estate to deliver value and personalized service. We selectively consult with legal counsel as required.
accounting reports
Regular accountings should be prepared and reviewed with all interested parties. Conservatorships and probate estates must prepare the reports as required by the courts and we highly recommend that all trusts use the same accounting and reporting in case judicial review is later required.
High Risk Assets and Liabilities
With 35 years experience in managing complex legal and business matters, Earnest Fiduciary is uniquely poised to manage trusts, conservatorships and probate estates that contain "problem" assets or potential liabilities. We help with trusts, conservatorships and probate estates that have one or more of the following:
♦ Potential or actual litigation
♦ Contaminated real estate requiring permits or remediation
♦ Active family business
♦ Poorly drafted trust or agreements
♦ Beneficiaries with conflicting interests
“By failing to prepare, you are preparing to fail.”