As a corporate trustee, LNW serves as a fiduciary, which means we are obligated by law to administer the trust in the best interest of the beneficiaries. What does that mean? It certainly means following all the laws and regulations pertaining to the trust as well as carrying out the terms of the trust.
But one of the most important aspects of being a fiduciary is not written down anywhere and cannot be carried out by following a set of rules: it is the relationship we develop over time with the beneficiaries of the trusts we administer (at their comfort level) in context of their abilities, skills, interests and life goals. Each of these relationships is unique and ongoing. We are honored for the confidence that our clients have in us to do what is best for the beneficiaries as their lives and needs evolve, including in situations when the beneficiary is a nonprofit organization.
Key Aspects of the Beneficiary Relationship
The people named in trusts as the beneficiaries are often young people — children or grandchildren. As they age, they come across countless decisions in life. As corporate trustee or co-trustee, we are there to inform and guide the financial and life choices they may face and the role the trust can play in those choices. Here’s how we make that happen, at their comfort level:
We Listen. Trust documents cannot foresee every circumstance that arises in life. Does that mean a request for funds from your beneficiary will be automatically turned down if it does not match the trust terms? Not necessarily. As trustee, we work closely with each beneficiary to help them make informed financial choices, and to explore how their goals and aspirations can be supported by the trust.
We Guide & Teach. How long a trust lasts (its longevity) depends on how the assets are managed and the level of distributions. By helping a beneficiary develop a realistic budget, we gain an understanding of their individual needs and objectives. As part of our ongoing relationship, we review investment performance, discuss specific investments, and provide beneficiaries with the knowledge they need to maintain their finances. If things go off course, we are ready to help restore balance.
We Advise. What if a beneficiary’s request for funding is complex or requires deep analysis, such as starting a business or moving overseas? Our Trust Administration Committee (TAC) meets regularly to review and analyze non-ordinary requests and to make recommendations to the beneficiaries. The TAC consists of members of our senior leadership team, as well as senior members of our client service team.
Our Commitment to You
Clients of LNW benefit from access to two trust companies, either one of which can serve as their corporate trustee: The Laird Norton Wetherby Trust Company, launched in 1967 in Washington State; and the LNW Trust Company of South Dakota, created in 2023.
As trustee, we realize that no two trusts are alike. We are relentless in keeping each LNW trust operating as effectively as possible to achieve its purpose for the intended people and organizations. Our highly experienced trust services team is a select group of individuals who have the emotional intelligence and expertise to ensure that the trusts we administer and manage for each client are appropriate, tax-effective, up-to-date and working for the beneficiaries (whether people, organizations or both) as the grantor intended.
Read more about LNW trusts HERE.
Key Benefits of a Trust at LNW
- Longevity: Privately owned and independent, we take a multi-generational approach to personal and family wealth. We have served as trustees or co-trustees since 1967; some trusts we manage were created to last for more than a century.
- Integration: LNW comprises two trust companies and a registered investment advisor (RIA). With either of our trust companies as trustee or co-trustee, your trust will benefit from expert investment management and wealth planning, aligned to serve the best interests of the trust and its beneficiaries.
- Integrity: All our advice on trusts, including investment advice, reflects only what we think would work best for you and yours. We have no incentive to recommend one type of trust strategy or investment over another.
