Personal Representative/Executor of the Estate

406 Financial Services can serve as a trustee, successor trustee, or co-trustee for a variety of different trusts including revocable trusts, irrevocable trusts, charitable trusts, and special needs/supplement trusts. 406 Financial Services must follow the language of the specific trust when dispersing funds. The manner of how the trust is funded determines whether the court will have oversight. 

Services Provided: 

• Thorough understanding of the trust document: Familiarization with the terms, conditions and the grantor’s intentions for asset management and distribution 

• Identify and secure assets: Gathering, valuing and securing all assets owned by the trust, such as bank accounts, real estate, investments, and personal property, ensuring they are properly titled in the trust’s name 

• Management of investments and assets: Prudent management of the trust assets, including investing funds, overseeing real estate and making sure investments are managed to preserve and grow the trust’s value 

• Payment of debts and taxes: Payments of debts, expenses and applicable taxes will be made before distrubting assets to beneficiaries 

• Communication with beneficiaries: Beneficiaries will be kept informed about the trust’s status and answer their questions and concerns to ensure transparency 

• Maintain records and accountings: Detailed records of all financial transactions, investments, disbursements and distributions will be maintained 

• Distributuion of assets: Following the instructions in the trust document, the assets will be distributed to the named beneficiaries at the appropriate times and under the specified conditions 

• Closure of the trust: Once all assets are distributed and obligations are met, the trust will be closed, which may involve preparing a final accounting and obtaining necessary releases from beneficiaries 

Fiduciary Duties: 

In the role of trust administration, 406 Financial Services will uphold the following duties: 

• Duty of Care: Management of the trust assets with the same prudence and diligence that a reasonable person would use for their own affairs. 

• Duty of Impartiality: If a trust has multiple beneficiaries, they will all be treated fairly. 

• Duty of Obedience: The terms set forth in the trust document will be strictly followed and all relevant state and federal laws will be followed 

Fees:  

• Set up: $350 one-time fee includes phone calls/emails/meetings and establishment of electronic and physical systems.

• Administrative Fee: 1% of the total assets handled by 406 Financial Services with a minimum of $75 per month. This fee is billed monthly.

• • Report Fees as Needed:

• • Inventories: $500    

• • Annual Reports: $350  

• • Final Reports: $350