Importance of a Fiduciary Private Trustee

Rory and Rob are joined by Univ. Michigan and UCLA Law School Grad Ryan Schumacher, a private, professional trustee and attorney with Lorenz Private Trustees. Learn about the importance of a fiduciary as a person who stands in a special relation of trust, confidence, or responsibility in their obligations to others. In this episode, Ryan discusses the three options people use when using a trustee: 1.) A family member or friend 2.) Bank or trust company and lastly 3.) A professional private fiduciary. He talks about flexibility, operational efficiency, and independence as just a few of the benefits of using a professional private fiduciary. He provides the reasons why accountants, advisors, and attorneys may want to avoid taking on the role of trustee, just as he doesn’t advise people to hire him to be their dentist or plumber. Find out why Ryan decided to stop practicing law to start working for clients as a fiduciary private trustee. If you are an accountant, advisor, or attorney looking for advice on hiring a private trustee, you won’t want to miss this episode.