Broker Check

Professional Trustee & Trust Services in New Jersey

Through our relationship with The Private Trust Company, N.A., Canonico Wealth Management provides clients access to professional trustee, trust administration and estate settlement services while helping families maintain continuity in their financial planning and investment management.

LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. Canonico Wealth Management and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.

When Should You Consider a Professional Trustee?

  • You don't want to burden an adult child or family member with administering the trust.
  • Family dynamics could make choosing one relative difficult.
  • The trust is expected to continue for many years or generations.
  • A beneficiary has special needs.
  • The trust contains substantial or complicated assets.
  • You want independent oversight rather than placing one family member in control.
  • You need continuity if an individual trustee becomes unable or unwilling to serve.
  • You are concerned that a family member lacks the financial or administrative experience required.


Why use a Professional Trustee?

Continuity. Unlike an individual trustee, an institution doesn't retire, become ill or pass away.

Experience. Trust administration involves distributions, accounting, tax reporting, recordkeeping and fiduciary responsibilities.

Less burden on family. Your children can remain family members instead of becoming administrators.

Oversight. Trust assets are managed according to the terms of the trust rather than someone's informal interpretation of Mom or Dad's wishes.

What We Offer

Professional Trustee Services
Through our relationship with The Private Trust Company, N.A. (PTC), clients have access to professional trustee and co-trustee services. A professional trustee can provide continuity, objectivity and experienced administration while carrying out the terms of the trust.

Trust Administration
Trust administration can involve recordkeeping, beneficiary distributions, accounting, tax coordination and ongoing oversight of the trust. PTC works with the client's financial, legal and tax professionals to help coordinate these responsibilities.

Estate Settlement Services
PTC can also provide estate settlement services, including serving as executor when appropriately named. Professional estate settlement can help families manage the administrative responsibilities that arise after a death while coordinating with attorneys, accountants and other professionals.

Special Needs Trust Services
Special Needs Trusts require particularly careful administration because distributions may affect eligibility for government benefits such as SSI and Medicaid. Professional trust administration can provide families with continuity while helping ensure the trust is administered according to its terms.

Investment Management for Trust Assets
Through the relationship with PTC, clients will be able to maintain an existing investment advisory relationship while accessing professional trust services. This can help provide continuity between the family's financial plan, investment strategy and trust administration.

How We Work With Your Estate Planning Team

The Private Trust Company, N.A. provides professional trustee, trust administration and estate settlement services.

Canonico Wealth Management/Perennis Financial Planning provides financial planning, investment management and coordination with your other professionals.

Your estate planning attorney provides legal advice and prepares your estate planning documents.

Your CPA or tax professional provides tax advice and tax preparation as appropriate.

Working together can help ensure the legal, financial, investment and administrative pieces of your estate plan remain coordinated.

Types of Trusts That May Benefit From Professional Administration

Professional trust services may be appropriate for many types of trusts, including:

  • Revocable and irrevocable trusts
  • Special Needs Trusts
  • Survivor and family trusts
  • Charitable trusts
  • Generation-skipping trusts
  • Irrevocable life insurance trusts

Not sure what type of trust you need? Your estate planning attorney determines the appropriate legal structure. We can work alongside your attorney to help ensure the financial and administrative pieces work together.

Special Needs Trust Services

Planning for a loved one with special needs involves more than creating a trust. From coordinating government benefits and ABLE accounts to beneficiary designations, future caregiving needs, and choosing the right trustee, each piece needs to work together.

Looking at the Bigger Picture?
A Special Needs Trust is only one piece of a comprehensive plan. Explore how we help New Jersey families coordinate financial planning, government benefits, ABLE accounts, estate planning, and long-term support for a loved one with disabilities.

Explore Special Needs Planning

Frequently Asked Questions

What does a professional trustee do?

A professional trustee is responsible for administering a trust according to the terms of the trust document and applicable law. Responsibilities may include managing trust assets, maintaining records, coordinating tax reporting, making distributions to beneficiaries, communicating with beneficiaries, and carrying out the wishes established in the trust. A professional trustee can also provide continuity and objectivity when family dynamics or complex financial matters are involved.

How much does a professional trustee cost?

Professional trustee fees vary depending on the value and complexity of the trust, the services required, and the trustee selected. Fees may be based on a percentage of trust assets, a fee schedule, or the specific work involved. Before appointing a professional trustee, it is important to understand the trustee's fee structure and what services are included.

Can a professional trustee work with my financial advisor?

Yes. Depending on the arrangement and the terms of the trust, a professional trustee may work with your existing financial advisor, attorney, CPA, and other professionals. This can provide continuity for families who want professional trust administration while maintaining established advisory relationships. The specific responsibilities of the trustee and financial advisor should be clearly defined.

Can Canonico Wealth Management still manage my investments inside the trust?

Yes. Through our partnership with Private Trust Company, clients gain access to professional trust services while keeping Canonico Wealth Management as their investment manager. This open-architecture approach allows for customized investment strategies tailored to the trust’s goals.

Who manages a Special Needs Trust?

A Special Needs Trust is managed by the trustee named in the trust document. The trustee may be a family member, trusted individual, professional trustee, or corporate trustee. Because distributions from a Special Needs Trust may affect eligibility for means-tested government benefits such as SSI and Medicaid, choosing a trustee who understands the responsibilities involved can be particularly important.

What happens if my current trustee can no longer serve?

The trust document will typically identify a successor trustee or establish a process for appointing a replacement. If the current trustee resigns, becomes incapacitated, dies, or otherwise cannot serve, the successor trustee can assume responsibility for administering the trust. Reviewing successor trustee provisions while you are able to make thoughtful decisions can help prevent complications later.

Can a professional trustee serve as successor trustee?

Yes. A professional or corporate trustee can often be named as successor trustee and step in when the original trustee is no longer able or willing to serve. Some families choose this approach because it provides long-term continuity and avoids placing the full responsibility for trust administration on children or other relatives.

What is the difference between a trustee and an executor?

A trustee manages and administers assets held in a trust according to the trust document. An executor is responsible for administering a person's probate estate after death according to the will and applicable law. Depending on the estate plan, the same individual or institution may sometimes serve in both roles, but the responsibilities are different

Can a professional trustee help settle an estate?

Depending on the institution and how the estate plan is structured, a professional fiduciary may be able to serve as executor or provide estate settlement services. Estate settlement can involve collecting assets, paying expenses and debts, coordinating tax matters, maintaining records, distributing property, and working with attorneys, accountants, beneficiaries, and other professionals throughout the process.

When should I name a corporate trustee?

A corporate trustee may be worth considering when a trust will last for many years, contains significant or complex assets, has multiple beneficiaries, involves complicated family dynamics, or requires specialized administration. It can also be helpful when you do not want to place the administrative and fiduciary responsibility on a child, relative, or friend. Special Needs Trusts are another situation in which professional administration may be particularly valuable.

Does my trust need to be located in New Jersey?

Not necessarily. Trust administration and governing law can depend on several factors, including the language of the trust, where the trustee is located, where the trust is administered, and applicable state law. There can also be tax and legal implications associated with a trust's situs. An estate planning attorney and tax professional can help determine which jurisdiction is appropriate for your particular trust.


Trustee & Estate Planning Resources

Not Sure Who Should Serve as Trustee?

Choosing a trustee is one of the most important decisions in an estate plan. If you're considering a professional trustee, successor trustee or estate settlement services, we can help you understand the available options and how they may fit into your overall financial plan.

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