Trustee Services

The Penater Law firm provides two core Trustee services.

  • Independent Professional Trusteeship.  The attorneys at The Penater Law Firm serve as Independent Professional Trustees.

  • Trustee Support.  The Penater Law Firm offers a complete platform to support and represent individual Trustees in their administration of all types of Trusts.

Independent Professional Trusteeship

The Penater Law Firm provides Independent Professional Trustee Services.  We have developed a complete platform to provide the highest level of Trusteeship.  We are best suited to serve as Trustee of trusts on which a corporate trustee is not warranted, whether due to the size of the trust or other applicable factors, or when an individual friend/family member is not appropriate. These trusts can range in size from $100,000 to large multi-million dollar trusts, and such trusts can often own unconventional assets such as closely-held business interests.

Our ability to serve as both a Professional Trustee and attorney makes us uniquely suited to administer Trusts and to engage in the practice of law related to such administration, such as Petitioning the Court.  We are able to perform the required work in-house without the need for outside counsel.

Lastly, we are perfectly suited to serve as a successor Independent Trustee in contested Trusts where an independent voice is necessary.

Trustee Support

The Penater Law Firm provides a complete platform of services for individuals serving as Trustee.  Below is a list of available services:

  • Preparation of formal Trust Accountings

  • Preparation of Liability Releases for the Trustees on an annual basis to minimize personal liability exposure for the Trustees

  • Maintenance of the books and records of the Trust, including all Financial Statements, Trust documents, Tax Returns, etc.;

  • Preparation of ongoing cash flow statements throughout the year reflecting allocation of receipts/disbursements/distributions between income and principal;

  • Calculation of annual Trustee Commissions (income and principal) for the Trustees;

  • Ensure the Trustee is in compliance with all Notice requirements under the Maryland Trust Act and send required Notices to Beneficiaries;

  • Bill payment and payment of Beneficiary distributions;

  • Preparation of annual Fiduciary Income Tax Returns;

  • Preparation and filing of the Prudent Investor Election on behalf of the Trustees if needed; and

  • Provide legal counsel to the Trustees with regard to complying with the Trust Agreement and applicable trust law, as needed.