Managing a trust is about more than financial oversight—it’s about honoring the grantor’s intent, supporting beneficiaries, and ensuring that the trust document is being followed. For trustees, this responsibility often comes alongside busy careers, family obligations, and other personal commitments. At Riverwater Partners, we understand the challenges trustees face and the importance of providing thoughtful guidance and support. Our goal is to empower trustees to fulfill their duties and help simplify their responsibilities by partnering with us.
Prudent Investing for Current and Future Beneficiaries
Acting as a trustee involves more than simply managing and distributing money. Trustees have a fiduciary duty to act in the best interests of both current and remainder beneficiaries while adhering to the terms of the trust, which can range in complexity. This can be a delicate balance and often requires:
- Prudent Investing: Ensuring the trust assets are productive while supporting both current beneficiaries and those who will benefit in the future. Navigating these decisions often entails the assistance of an experienced professional.
- Administrative Duties: Handling distributions, maintaining and communicating records, and complying with legal and tax requirements.
- Managing Emotions: Beneficiaries may experience a range of feelings and have their own set of expectations when receiving an inheritance in trust, and navigating those dynamics can be challenging.
Many individual trustees find these responsibilities daunting, particularly when they have limited or no experience with serving as a trustee. Partnering with a team of professionals can provide the expertise and support needed to fulfill these duties effectively.
Comprehensive Beneficiary Planning and Support
At Riverwater Partners, we work closely with trustees and beneficiaries to simplify trust management and provide peace of mind. Money is often tied to emotion, especially when it comes from a family member or close friend. Our approach helps trustees and beneficiaries feel supported and informed and aims to reduce stress and uncertainty. Here’s how we can assist:
- Investment Management: We focus on balancing the trust’s investment strategy to meet both immediate and long-term needs, with a focus on tax efficiency.
- Distributions: We help process distributions for both simple and complex trusts, ensuring adherence with the trust’s provisions.
- Beneficiary Planning: We meet with trustees and beneficiaries to help them understand how the trust fits into their financial lives and provide guidance for navigating the responsibilities of sudden wealth.
Balancing Needs Across Generations
Every trust represents a legacy. Whether the grantor hoped to provide financial security for loved ones, support charitable causes, and pass on family values, it’s important to honor those intentions while balancing the needs of the current and remainder beneficiaries.
We often help families articulate these values through a family mission statement—a shared vision that guides decisions and ensures the trust continues to reflect the grantor’s wishes. By bringing this clarity to the process, we help trustees feel confident in their decisions and provide continuity for future generations.
The Importance of a Collaborative Approach: Working with Financial Advisors, Attorneys, and Accountants
Trust management doesn’t happen in isolation. It often requires input from financial advisors, attorneys, accountants. At Riverwater Partners, we have extensive experience collaborating with these professionals to help the trustee ensure all aspects of a trust are prudently managed.
Whether you’re in the early stages of planning your own estate plan or already managing an existing trust, we can help you:
- Create a new plan along with your attorney and accountant. If you aren’t sure where to begin we can help guide you.
- Review and make recommendations to your existing plan as your family grows or the needs of the trust beneficiaries change.
By working together, we help trustees fulfill their responsibilities while reducing the stress that often comes with this role.
Trust Planning: Ensuring Continuity for Today and Tomorrow
A trust is a cornerstone of a thoughtful estate plan, designed to provide for your loved ones and preserve your legacy. At Riverwater Partners, we help trustees ensure that the continuity of their estate plan is maintained, both during their lifetime and for the generations that follow.
Our approach goes beyond managing investments. We work with you to align your trust’s strategy with you and your family’s evolving needs and goals. This includes:
- During Your Lifetime: Ensuring your estate plan adapts to life’s changes, such as new family members, shifting financial priorities, or adjustments to tax laws.
- For Future Generations: Providing the structure and guidance to carry out your wishes seamlessly after you’re gone, helping the next generation navigate their roles as trustees or beneficiaries.
By combining careful planning with a deep understanding of your values, we create a framework that protects your wealth, supports your beneficiaries, can help reduce friction among family, and upholds your vision for years to come.
Navigating the Complexities of Trust Management with Expert Support
Serving as a trustee is a profound responsibility, but it doesn’t have to be overwhelming. With the right guidance, you can navigate the complexities of trust administration while focusing on what matters most: supporting your families unique needs, honoring the grantor’s intent, and achieving financial stability for future generations.
At Riverwater Partners, our role is to help you through this journey. Whether you’re managing a trust for the first time or looking for a partner to assist with ongoing responsibilities, we’re here to provide clarity, expertise, and peace of mind.
If you’ve been meaning to have a conversation about creating a plan or evaluating a current trust, contact Brian Gigl, CFP for any questions. We’re here to support you and help you move forward with confidence to ensure your trust is managed with confidence and care.
