The Smiths were always a close-knit family. After the passing of the patriarch, Mr. Smith, the eldest son was appointed as personal representative. In the following months, challenges and tensions rose within the family as they grappled with their personal loss and the administration of the estate. It became clear that to maintain the family peace, and to unravel his complex business assets and holdings, a professional personal representative was needed. The family’s long-time CPA suggested they contact our team. After a fruitful meeting, Mr. Smith’s son agreed to appoint us as successor personal representative, much
to the relief of the extended family. 

After a thorough review of Mr. Smith’s assets, our team determined that he had accumulated an eight-figure estate which held dozens of residential and commercial properties in a number of LLCs and a vast collection of classic cars. As Mr. Smith’s business style didn’t involve elaborate contracts and documentation (he often closed a deal with only a handshake and a verbal agreement), the team embarked on significant research to accurately marshal, document, and maximize the sale value of each asset. Close work with Smith’s CPA ensured that all of the taxes were accurately and timely paid. 

As the estate settlement process drew to a close, the team turned to the funding of multiple trusts for Mr. Smith’s children and grandchildren, and even a special needs trust for a distant relative who sustained a traumatic brain injury. Each trust was set to receive a varying percentage of the estate funds. 

Eighteen months and seven fully funded trusts later, our team closed the estate. The family expressed their gratitude for how our team had worked so diligently to honor Mr. Smith’s legacy and wishes. Even though family tensions periodically flared throughout the process, our team was able to help the family navigate and resolve any issues that arose by providing information and keeping them fully informed about the administration.  

While we can’t solve every issue facing a family after the loss of a loved one, we pride ourselves on providing professional, compassionate and diligent service to every client. It’s what we’ve been doing for over 35 years, and what we are poised
to do for the next 35 years and beyond.

The role of a professional trustee

Managing a trust requires more than just holding or distributing assets. It involves a deep understanding of the client’s financial, legal, and personal needs. Some grantors and beneficiaries may lack the time, expertise, or resources to effectively manage a trust, which makes professional trustee services essential. A professional trustee can provide the expertise necessary to handle even the most complicated situations.

Why trusts matter for complex assets

Trusts are especially beneficial when clients have complex or illiquid assets like a family business, real estate, or investments requiring active management. They offer several advantages:

  • Seamless Asset Transfer
    Placing assets in a trust ensures they are passed on as intended, avoiding probate delays.
  • Tax Benefits
    Trusts can be structured to minimize estate and income taxes, allowing more wealth to pass to future generations.
  • Asset Protection
    Trusts protect assets from creditors, lawsuits, and other financial risks.
  • Control Over Distribution
    Trusts allow the grantor to specify how and when beneficiaries receive assets, ensuring responsible distribution.

For clients with complex financial or personal situations, managing a trust can be challenging. That’s where professional trustees can step in to assist.

How we can assist clients

At Northwest Trustee & Management Services, we specialize in managing complex assets and trusts. Our team offers the expertise required to handle everything from asset liquidation and tax compliance to family disputes and business succession planning.

  • Expertise in Complex Assets
    Managing a family business, real estate, or investments requires specialized knowledge. We provide guidance on asset management and ensure compliance with laws and regulations, while managing third party experts.
  • Resolution of Family and Financial Challenges
    When a trust involves multiple beneficiaries or complex family dynamics, we can mediate and manage sensitive situations.
  • Complete Trust Management
    Our services go beyond financial management. Our team pays bills, handles tax filings, and works with the client’s team of advisors to oversee investments and to ensure legal steps are taken to honor the trust’s terms.
  • Efficiency and Accountability
    Our team handles all administrative tasks, ensuring compliance with laws and regulations while managing the trust with precision and care.

When to consider professional trustee services

Some situations make professional trustee services especially beneficial:

  • Family Business Ownership
    A professional trustee can manage operations, oversee succession planning, and ensure the business transitions smoothly after the client’s passing.
  • Estranged Family Dynamics
    A professional trustee can mediate disputes and manage the trust in a way that reflects the grantor’s wishes.
  • High-Net-Worth Individuals
    A professional trustee can help minimize taxes, manage investments, and protect assets from financial risks.
  • Charitable Giving
    A professional trustee ensures the funds are distributed as desired and all legal steps are taken.

Helping clients make the right decision

When guiding clients through the process of creating a trust, it’s essential to have open conversations about the need for professional trustee services. At Northwest Trustee & Management Services, our experienced team offers support and guidance to clients as they consider making decisions in their estate plan related to trustees and personal representatives.

by CEO, Greg Bowman

Published Spring 2025