Frequently Asked Questions

A trustee is an individual or entity, like a bank, who is legally responsible for managing and administering assets held in a trust for the benefit of another person or group, called beneficiaries. The trustee holds the legal title to the trust assets, manages them according to the terms of the trust document, and distributes funds to the beneficiaries. They have a fiduciary duty to act in the best interests of the beneficiaries and must act impartially if there are multiple beneficiaries.

​Key responsibilities include:

• Distribute assets:  The trustee sends payments or covers expenses for beneficiaries as specified in the trust document. 

• Handle administrative tasks:  This involves keeping detailed financial records, paying trust-related bills, filing tax returns for the trust, and communicating with beneficiaries. 

• Communicate with beneficiaries:  Trustees should keep beneficiaries informed about the trust's status, provide statements of accounts, and answer their questions. 

• Manage assets:  This can include investing, collecting income, managing real estate, and maintaining business interests within the trust. 

Key Aspects Include:

• Fiduciary duty:  A trustee has a legal obligation to act in the sole best interest of the beneficiaries.

• Best interest of beneficiaries:  Trustees must avoid any self-dealing or actions that could benefit themselves rather than the beneficiaries. 

• Impartiality:  If there are multiple beneficiaries, the trustee must treat them equally and without favoritism. 

• Separate accounts:  Trustees are prohibited from mixing trust assets with their own personal funds, requiring separate bank accounts for trust management. 

• Trust document:  The trustee's duties are defined by the specific terms laid out in the trust document, also known as a trust instrument. 

• Trust document:  A trustee's duties are defined by specific terms laid out in the trust document, also known as a trust instrument.

An independent trustee will help ensure impartiality and avoid conflict.  If you anticipate potential disagreements or competing interests among your beneficiaries, an independent trustee can make decisions objectively, without bias or favoritism.

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Unlike a family member who may be personally and emotionally invested, an independent trustee has no personal stake in the trust's outcomes. This removes the risk that personal relationships will influence important decisions about distributions.

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An impartial third party can act as a neutral mediator to resolve conflicts that arise between beneficiaries, promoting family harmony and preventing emotional disputes from derailing the trust's purpose. 

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Serving as a trustee is a time-consuming and often complex responsibility. An independent trustee takes this demanding administrative burden off a family member, allowing them to grieve or focus on other matters. 

No.  Premier Trustees cannot provide legal advice.  Instead we will work closely with your estate planning attorneys and financial planners to ensure the direction of the trust is followed.  

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We maintain a network of companies offering these services, so if you are in need of legal documentation or financial advice, we can make an introduction.

Yes.  As your Trustee we will require Power of Attorney in order to perform tasks on behalf of the trust.  Power of Attorney will be formalized during onboarding.

Clients typically choose an independent trustee over a bank for a more personalized service, avoidance of the high asset minimums some banks require, a need for the greater flexibility and speed that an individual or smaller firm may offer, or to bypass the potential bureaucracy of a large institution. 

Our fee structure is straightforward. 

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First there is a one-time onboarding fee.  During this time we will get to know you, your attorneys,  your financial planners, and the goals of the trust.  We will create a trust bank account and identify communication intervals and best practices.

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Second there is an annual fee (equating to a small portion of the trust assets) for ongoing management of trusts, including regular distributions, record-keeping, tax preparation, and annual reporting.  The fee is revisited on an annual basis to ensure the dollar amount is commensurate with the then-value of the trust.  

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Third, there are hourly fees associated with non-routine tasks.  This would include items such as resolving disputes, addressing complex beneficiary needs, and property management.

Each state varies in their laws and regulations.  At this time we work with Trusts established in the state of Utah.  Even if you are out of state, as long as you have a Utah Trust, created by Utah-based estate planning attorneys, we can support you.