Since 1967, LNW has served as trustee for trusts established by our clients, often working with multiple generations within families.
When one of the Laird Norton trust companies is designated as trustee – either the Laird Norton Wetherby Trust Co. based in Washington State or the LNW Trust Company of South Dakota — we apply all our expertise and resources to ensure that the trust is administered and managed at the highest level of care and professionalism, now and for generations to come.
Below is a summary of the key duties and responsibilities we undertake as trustee.
Legal responsibility for trust assets. As trustee, we are legally authorized to conduct the transactions and procedures required to manage and oversee assets in the trust. In all the work we do as trustee, we are bound by the fiduciary standard, meaning we are legally obligated to act in the best interest of the trust beneficiaries, the highest standard of care.
Investment and asset management. If we are designated as the asset manager, as well as the trustee, we manage the assets within the trust, guided by 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 other purposes of the trust to the extent they impact how trust assets are invested. Over time, a trust can contain not just financial assets, 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 U.S. We are able to manage a wide variety of asset types, including the associated tax reporting.
Trust administration. As custodian of trust assets, we collect income, oversee expenses, conduct principal and income accounting, tax reporting, and prepare all trust-related regulatory documents. Periodically, our trust operations are examined by the regulatory agencies in the states in which our two trust companies are chartered.
Support and advising of beneficiaries (as needed). We 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 TAC consists of senior members of our leadership and client service teams.
Legacy and estate planning. We 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 asset transfers. We can advise on optimal ways to transfer assets to the trust (and when applicable, from the trust) in order to maximize tax-efficiency and expediency, while supporting the people and causes the trust was intended to benefit.
Detailed and timely reporting. Through our firm’s client portal, we provide 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 wealth planning tool. We are here to help you use trusts as effectively as possible, and most importantly to execute your wishes for your loved ones and the organizations you care about as expressed through the trust. Please feel free to contact us to learn more about LNW trust services.
