Cherry Creek
Fiduciary Services
CCFS's Services
The most common role that CCFS undertakes is serving as Trustee of a trust. These days, many people choose to use a living/revocable trust to hold and administer their assets both during their lifetime and after death. The person creating the trust ("Settlor") often serves as their own Trustee during their lifetime unless they are incapable of doing so. After the Settlor's death, the living/revocable trust becomes irrevocable and, at the conclusion of the administration, transfers the assets to the beneficiaries named in the trust. The use of a trust often avoids the need for court involvement after death, which saves both time and money.
​
After the Settlor's death, an uncontested living/revocable trust administration typically takes approximately 9-12 months to complete. While the steps of a trust administration and the timing vary based on the terms of the trust and each family's unique circumstances, a typical trust administration involves the following steps:
​
-
Locate the Settlor's original estate planning documents;
-
Make burial arrangements;
-
Secure assets/mail/tax information;
-
Notify trust beneficiaries and the Settlor's professional advisors and/or creditors of death and the start of administration;
-
Open accounts in the name of the trustee with new EIN/close accounts in the Settlor's name;
-
Prepare inventory and appraisal of all assets;
-
Pay creditors;
-
Manage and/or liquidate assets;
-
Prepare all applicable tax returns;
-
Prepare a final account and report for the beneficiaries; and
-
Make distributions to beneficiaries after all administration steps have been completed.
​
If there is no reason to involve the court, CCFS is typically able to handle the entirety of the trust administration on its own without the need to hire legal counsel to represent the trust. This typically saves substantial fees for the trust. Should legal counsel be needed for court proceedings, Sara will hire outside legal counsel to address such needs.
Trustee
​
Personal Representative/
Special Administrator
Serving as a Personal Representative (Executor) or Special Administrator in an estate administration involves many of the same steps as a trust administration. Probate is generally needed when someone dies owning assets that are titled in their own name (as opposed to being titled in the name of a trust) and that do not automatically pass to another person (for example, assets held in joint tenancy or that have a beneficiary designation). When probate is needed, a court proceeding will be required, but the level of the court's involvement will depend on the particulars of the estate. In a relatively straightforward estate administration with no disputes, for example, the court will typically have very little involvement in the administration. In a complex or contested estate, on the other hand, the court may be heavily involved in the administration.
Conservator
When a person is alive and unable to manage their own financial affairs for any reason (e.g., they are a minor, have diminished mental capacity, or are at risk of financial exploitation), a court may appoint a Conservator to handle the person’s financial affairs. The need for a court to appoint a Conservator may be avoided if the person has a trust or has named an Agent under a financial power of attorney.
​
A Conservator’s duties are similar to those of a Trustee. A Conservator must report to the court annually and may need to seek permission to take certain actions, for example, selling real estate. Because CCFS only supervises financial matters, it does not serve as Guardian but will work closely with the Guardian if one is appointed for the person under a conservatorship.
PRIVATE PROFESSIONAL FIDUCIARY
CCFS's primary goal is to ensure that its clients' wishes are catered to and fulfilled. Others simply don't compare to CCFS's personalized approach to managing your assets and wealth.
​
CCFS's services include the following:
TRUSTEE
PERSONAL REPRESENTATIVE/
SPECIAL ADMINISTRATOR
CONSERVATOR
AGENT UNDER POWER OF ATTORNEY
Agent under Power of Attorney
When a person is unable to perform their own financial acts, or simply wants assistance, they may execute a power of attorney (“POA”) appointing an Agent to act on their behalf (the person executing the POA and appointing the Agent is known as the Principal). The Agent's powers under a POA can be extremely broad or limited in scope to specific powers. Regardless of the extent of the powers, the Agent has a fiduciary duty to act exclusively in the best interests of the Principal. Because this power can be easily abused, it is imperative to select an Agent like CCFS that has experience and is insured to serve in this critical role.