For more complex estates, clients have the option of either appointing their own trustee or using Raymond James Trust to act as trustee, co-trustee, custodian, personal representative or agent to the trustee while continuing to use Long Run as your investment advisor.
Trustees are obligated to act in the best interests of both current and future trust beneficiaries – an often complex and time-consuming responsibility. They must comply with specific trust document provisions as well as state and federal laws that govern trusts. Trustees also typically have a number of administrative duties, including:
- Maintaining complete, accurate records of income, principal, distributions, purchases and sales of trust assets
- Preparing and filing fiduciary income tax returns
- Overseeing service providers
- Managing beneficiary distributions
A client may appoint Raymond James Trust to serve as sole trustee, or appoint both a family member/friend/trusted advisor and Raymond James Trust to serve together as co-trustees.
These legal documents should be considered for every estate plan: a will, a revocable living trust, a durable power of attorney for financial affairs, a durable power of attorney for medical decisions, and a living will.
Related Resources
This information was developed by Raymond James. It is general in nature, and is intended solely for the purpose of illustrating conceptually how a particular estate planning technique might work, based on various assumptions. Whether the planning technique is appropriate for you will depend on your goals and your specific situation. This is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results. Raymond James does not provide advice on tax, legal or mortgage issues. These matters should be discussed with an appropriate professional.
