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When it comes to selecting trustees, families often choose family members to serve in this role. However, if you agree to serve as a trustee, you become a “fiduciary” who must understand all of your fiduciary duties and perform them all. This is vital because even if you do not understand your duties, you can still be held liable for violating them.

To effectively serve as a trustee, it's crucial to understand your fiduciary duties. Even trustees with the best of intentions can create liability for themselves by being unprepared for the job or by not fully understanding their obligations. Learn more about some of the common mistakes family trustees make that can lead to lawsuits and other costly consequences.

Serving as a trustee for your family can be a valuable experience for you, while also providing an important service to your family. But before you accept the position, make sure that you understand the role you will play for the family and are willing to accept the responsibilities and liability that come with it.

The role of a trustee has evolved significantly over the 21st century, and today’s trustee needs to recognize that a trust is rooted in a human relationship, not just a legal one. When selecting your trustee, there are seven traits to keep in mind when selecting the right one for you.

Also known as a family trust company, a private trust company (PTC) is an entity that allows families to unbundle fiduciary services in furtherance of family and financial goals. In this overview and primer, learn more about the elements of the PTC structure, board roles and responsibilities, and when it makes sense to form a PTC.

A solid governance structure is critical to any private trust company’s (PTC) long-term success. Through a thoughtful review that includes useful diagrams and outlines, learn the common elements of the PTC structure; the Board role and responsibilities; the Board attributes, composition, selection process, and succession planning; and additional considerations for selecting PTC committee members.

Managing family wealth over the long-term requires careful thought and a well-structured estate plan. Before making specific decisions about what’s best for your wealth, it’s wise to spend time considering what it is you really want to see happen with it. There are steps you can take—including considering trust options—to help create a legacy plan that both reflects your values and incorporates tax-efficient ways to transfer your assets.

Many families who have significant assets to pass on later in life or at death may think that being “fair and equal” in the treatment of family beneficiaries is an easy process. However, estates can be complex, and trying to establish a “fair” distribution of assets may not always mean that it results in being “equal” for all beneficiaries. Any number of variables can impact distribution decisions.

Addressing more than the potential tax exposure, estate planning frequently requires protection of a fragile beneficiary who can include family members with disabilities, individuals struggling with addiction, spendthrifts and even minors. By handling with care through the various trust options available, wealth transfer planning can go beyond the transfer of assets by allowing for ways in which you can motivate, and at times protect, your loved ones.