trustee trust·ee /trəˈstē/ noun — 1: a natural or legal person to whom property is legally committed to be administered for the benefit of a beneficiary (such as a person or a charitable organization) — Merriam Webster dictionary

The above is the official definition of “trustee,” but it does not tell you much about what a trustee does in practice. As a corporate trustee (vs. an indvidual), the Laird Norton Trust Co. (LNTC) has been administering trusts since 1967. Below are the major duties and responsibilities we undertake as trustee.

***Legal responsibility for trust assets. As the trustee, LNTC is able to conduct the transactions and procedures required to manage and oversee the assets in the trust. As a trustee, and thereby a fiduciary, we are legally obligated to act in the best interest of the trust beneficiaries at all times, the highest standard of care.

***Investment and asset management. We will invest the financial assets within the trust according to an Investment Policy Statement (IPS) developed explicitly for the trust. The IPS reflects a specific level of targeted investment risk and return based on the intended longevity of the trust, the desired distribution levels, and the other purposes of the trust to the extent they impact how its assets are invested.

Over time, a trust may contain not just financial assets (such as stocks and bonds), but also real estate, collectibles and shares of a business or partnership interests, some of which could be located in different states or even outside the US. We are able to manage a wide variety of trust assets, including tax reporting.

***Trust administration. As custodian of the assets within the trust, we will collect income, oversee expenses, conduct principal and income accounting, tax reporting, and prepare all trust-related regulatory documents. In all the work we do for the trust, we abide by the fiduciary standard as required by law (to act in the best interest of the beneficiaries). Periodically, our trust operations are examined by regulatory agencies in the states in which LNTC trust companies are chartered.

***Education and advising of beneficiaries (when applicable). We can work closely with each beneficiary of a trust to help them make informed decisions about the use of trust distributions in context of their needs and aspirations. Our Trust Advisory Committee (TAC) meets regularly to review and analyze non-ordinary requests and to make recommendations to the beneficiaries. The Laird Norton Trust Company TAC consists of senior members of our leadership and client service teams.

***Estate planning. We can strategize with client families and their outside advisors about how the trust can be part of an integrated estate planning strategy. Our in-house experts on estate planning advise on how other types of trusts and strategies can be used alongside any existing trust(s) to optimize control, asset protection, privacy, tax efficiency and the creation of a legacy that can last for many generations.

***Facilitation of transfers. We can advise on optimal ways to transfer assets to and, when applicable, from the trust, to maximize tax-efficiency and expediency, while supporting the people and causes the trust was intended to benefit.

***Client access and reporting. Through LNW’s client portal, we provide our clients with online access to trust financials at all times, including investment performance, distributions, tax documents, asset allocation reports and more.

Trusts are a powerful estate planning tool. Our focus is on helping our clients use this tool as effectively as possible, and most importantly carry out their wishes for their loved ones and causes as expressed through the trust.