Pub. 15 2024 Issue 3

succession is important when selecting a trustee as they will almost certainly deal with multiple branches or generations of a family. The unavailability, incapacity or unwillingness of an individual or law firm trustee may disrupt the trust administration and/or create legal headaches. Corporate trustees, however, provide reliable, long-term and uninterrupted service. Loyalty and Impartiality Trustees have a duty to manage the trust in a reasonable manner and avoid self-dealing. They must be equally loyal to present beneficiaries as to future beneficiaries. In other words, corporate trustees are impartial in decision‑making. Maintaining impartiality is easier said than done for the individual trustee who is a member of the family or a long-time family confidant. Corporate trustees excel in this area as they are not bogged down by family drama. Banks are able to remain objective and emotionally neutral. Further, many banks rely on personal service as a cornerstone of their business model. Client relationships are important to these banks, but the corporate barrier still exists to maintain loyalty and impartiality to all beneficiaries. Family Unity The balance that is struck by a corporate trustee between personal service and its duty of loyalty can help manage family dynamics. The administration of an estate and the resulting trusts can be emotional for loved ones and heirs. The presence of an impartial party can contribute to stability at a time when incapacity or death has heightened family emotions. A corporate trustee can become a source of security and steadiness for both the short and long terms. Corporate Executor A family member rarely has the skillset or the time to successfully administer an estate. As a result, the burden of the estate administration often falls on the attorney or paralegal. Delegating administration to a corporate executor saves an attorney from performing time‑consuming, non-legal tasks. Corporate executors add extra value with efficiency. Banks are experts in marshaling assets, working with other banks/institutions/etc., utilizing appraisers and liquidators, engaging real estate professionals and coordinating with tax advisors. This efficiency often yields emotional stability for grieving families. Collaboration Between Corporate Fiduciary and Counsel Appointing a corporate fiduciary gives the attorney the ability to delegate lower value and time-consuming work. The attorney is still the main advisor to the client. However, the corporate fiduciary can serve the client in a number of ways, including as trustee, executor or agent. The focus of the corporate fiduciary is client service. The fiduciary will encourage the client to seek the attorney for advice, estate planning, related legal services, etc. Ultimately, the attorney is the driver of the relationship, but the utilization of a corporate fiduciary can enhance the relationship. Using a corporate fiduciary is a win for all involved, saving money, time and headache in the sundries of estate and trust administration. Banks are designed to serve in this capacity and fulfill what is a most difficult role for individuals. Do not overlook this opportunity when drafting estate plans. Your clients will appreciate and value you even more as their counsel. Using a corporate fiduciary is a win for all involved, saving money, time and headache in the sundries of estate and trust administration. 15 West Virginia Banker

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