How to Choose the Right Fiduciary for High-Value Trusts

Key Qualities To Consider For A High-Value Trust Fiduciary 

How to Choose the Right Fiduciary for High-Value Trusts

Administering a high-value trust requires careful consideration and expertise. Attorneys working on behalf of their clients need to ensure that the fiduciary appointed has the knowledge, experience, and resources to protect the trust’s assets while carrying out the grantor’s wishes.

The Role of a Fiduciary in High-Value Trusts

A fiduciary’s role goes beyond simple asset management. When dealing with trusts worth $100,000 or more, a fiduciary must have comprehensive experience in handling complex financial and legal tasks while ensuring that the grantor’s intentions are upheld.

Key Responsibilities of a Fiduciary

Oversight of varied and complex asset portfolios, including real estate, businesses, and financial instruments.

Transparent communication with beneficiaries to ensure clarity.

Navigating public benefits and Special Needs Trusts when applicable.

Selecting the right fiduciary is essential to ensuring the smooth administration of a high-value trust.

Key Qualities to Look for in a Fiduciary for Large Estates

Attorneys need to assess whether the fiduciary has:

• Experience with the California Probate Code and compliance requirements.
• The ability to handle probate estate administration and manage unusual financial instruments.
• Experience in administering Special Needs Trusts, if applicable.
• Important Considerations
• Is the fiduciary bondable for large estates?
• How transparent is their communication with beneficiaries and legal teams?

Types of Fiduciaries: Who Should You Choose for Your Client?

There are several options for selecting a fiduciary:

Family Member vs. Professional Fiduciary

• While family members may be trusted, they often lack the capacity to handle complex financial matters, and conflicts among beneficiaries can arise. 
• Private professional fiduciaries, like Hitchman Fiduciaries, provide objectivity, experience, and the ability to manage diverse assets.

The Benefits of Working with a Licensed Fiduciary in California

Licensed fiduciaries in California are bound by the state’s Probate Code and undergo rigorous licensing procedures, including ethics courses, exams, and continuing education.

Key Benefits

Peace of mind for attorneys and clients by ensuring compliance with state regulations.

Expertise in handling probate court proceedings and trust administration in compliance with state laws.

Why Hitchman Fiduciaries Is the Right Choice for High-Value Trusts

With over 15 years of experience, Hitchman Fiduciaries is known for successfully managing high-value estates and trusts in California, particularly in Los Angeles and Orange Counties.

Expertise You Can Trust

The Hitchman Fiduciaries team includes licensed fiduciaries and experts in financial management, ensuring that both simple and complex trusts are administered effectively. Their proven track record makes them an ideal choice for attorneys seeking trusted fiduciary services for their clients.

Conclusion:

Choosing the right fiduciary for a high-value trust is critical to ensuring the trust is managed and distributed as intended. Attorneys who are looking for an experienced, professional fiduciary with a strong track record should consider working with Hitchman Fiduciaries.

Call to Action:

For more information or to discuss trust administration services for high-value estates, contact Hitchman Fiduciaries today at 949-200-9712 or visit our Trust Administration page.