For many individuals and families, particularly for the Western entrepreneur, a large portion – or even all – of an estate may consist of illiquid assets, such as farms and ranches, closely held businesses, real estate, oil and gas investments, art, collectibles and similar assets. These assets can present a challenge for many trustees.
Guided by the Prudent Investor Rule, most corporate trustees are reluctant to stray from traditional investments, such as stocks and bonds, which they have been trained to manage. When clients come to them with unique assets, the challenges lie in managing these assets and potentially arranging for their sale.
At First Western Trust, our team is experienced in managing a variety of unique assets, and we are available to support you and your family with these types of trusts.
Our Difference
As a fiduciary, we are committed to acting in your best interest. Whenever possible, we take the time to get to know the trust maker and the beneficiaries even before the trustee relationship is fully in effect. This allows us to gain a strong understanding of the wishes of the trust maker as well as the needs of each beneficiary.
When it comes to unique asset management, this is especially important because of the complex nature of the estate. By understanding the goals of each of the family members involved, we can better manage the trust in a fair and equitable way, while adhering to intent of the trust maker.
Moreover, as a corporate trustee, our team is subject to internal audits and those by federal and state authorities, which provides strong checks and balances to ensure that we are maintaining our fiduciary standard of care.
Often, when relatives or close friends serve as the trustee, it can be difficult for them to manage the administrative duties of the trust, and possible conflicts of interest may arise when family members are interested in maintaining the same assets for which they have a fiduciary duty to administer. By partnering with an organization like ours, we serve as a neutral third-party and also bring significant experience in handling our investment, tax, and administrative duties. When you are managing a trust with complex, unique assets, this knowledge base is particularly critical.
Our Approach
At First Western Trust, we understand that finances are tools to support every dimension of your wealth, including your relationships, experiences, and spirit, and with trust and estate management, this is especially true. Your estate plan can be used to support your family and help them achieve educational, business, or personal goals. It can be used to manage the sale or continuation of your business after you have passed it on, and to support your philanthropic giving for generations to come.
Since your estate plan is so intricately connected with each aspect of your wealth, we are committed to delivering a team-based approach to trust management so that every part of your financial world is in alignment.
While each of our clients has a dedicated relationship manager, you are further supported by our teams of experts in private banking, investment management, retirement consulting, and more. This allows us to bring the very best thinking of our firm to your particular financial situation. It also ensures that we address each part of your financial needs, and limits any unfortunate surprises that your beneficiaries may experience without a holistic view of wealth management.
Our team is always available to discuss how best to manage, administer, or pass on your unique assets.
Does your estate contain a business, ranch, art collection, or other unconventional assets that you wish to maintain or distribute for your family’s benefit? Our trust and estate team can help. Fill out the form below or connect with one of our trust officers by calling 303.531.8100.