Selecting an Executor or Trustee
There are important reasons for establishing a will and a trust(s). However, these documents are simply legal agreements used to transfer property to a fiduciary for the benefit of others. The skills and competence of your executor or trustee are what, in all practicality, determine the proper, efficient settlement of your estate or how well your trust will meet your objectives and protect your family.
Important criteria you should consider:
- Integrity – a high degree of care must be provided to the beneficiaries of the trust.
- Investment Management Capability – sound investment judgment, prudence and discretion come only with experience.
- Accounting and Tax Expertise – tax, legal and accounting rules are quite complex and require extensive knowledge.
- Recordkeeping and Reporting – accurate and timely reports must be delivered to all interested parties.
- Safety – proper custody of assets and dual controls in processing will secure assets.
- Stability and Continuity – survivorship or succession of the executor or trustee is imperative to proper administration of the will or trust.
- Impartiality and Sensitivity – fiduciaries must never be compromised in performing duties and serving beneficiaries.
- Confidentiality – privacy is very important in handling significant assets.
Perkins Coie Trust Company meets these criteria and could be a viable choice as executor for your estate and trustee of your trust.
Revisions to the Washington Trust Act that took effect January 1, 2012 require substantial notice to beneficiaries from trustees of irrevocable trusts in Washington State.