DFL Fiduciary offers the services described below as Stand-Alone Fiduciary Services. For regulatory purposes, DFL Fiduciary does not act as a Delaware trustee. In its stead, DFL Fiduciary’s principal acts in his individual capacity as a Delaware trustee (see Trustee Services, below).
Stand-alone Fiduciary Services
- Trust Protector to a trust: A trust protector operates within a defined sphere of authority to consider limited matters like the removal and appointment of fiduciaries, a change of situs of a trust, a change of governing law for a trust, or modification of administrative provisions in a trust instrument. An enforcer of a purpose trust is akin to a protector and ensures that the trust is fulfilling its noncharitable purpose as defined in the governing trust instrument.
- Distribution Advisor or Investment Advisor to a directed trust: in the directed trust model of trust governance, a directed trustee takes direction from named advisors who have exclusive responsibility for investment activities and distribution activities, as specified in the governing trust instrument.
- Designated Representative for beneficiaries of a silent trust: In several states (including Delaware), the terms of a trust may prohibit a trustee from disclosing to trust beneficiaries for a period of time that a trust exists or that the beneficiaries have an interest in the trust. During that “silent” period a designated representative will monitor the trustee’s performance and, as the beneficiaries’ proxy, ensure that the trustee is meeting its obligations, because no other party has the information to review, and potentially challenge, the trustee’s conduct.
- Board member of a private trust company: A growing number of states allow a family to establish a private trust company (PTC) to act as trustee and administer the family’s various trusts. A board of directors, comprised of family members and independent directors, manages the business of the PTC.
- Committee member of a private trust company: The Board of a PTC will typically delegate to one or more committees the authority over certain management functions, including trust investment activities and discretionary decisions.
- Board member of a family office: Most families of meaningful wealth have family offices to deliver a variety of services to the family including investment oversight, tax accounting, financial reporting, concierge services and the like.
Trustee Services¹
Acting in his individual capacity, Dan Lindley (principal of DFL Fiduciary), will serve as a directed trustee or as a trustee with full discretion. The governing trust instrument will determine whether he acts in a directed capacity or with the complete discretion of a traditional trustee.
- Directed trustee: Under Delaware law and the law of several other states, a directed trustee is responsible for the administration of a trust but takes direction from an investment advisor and a distribution advisor with respect to investment and discretionary activities, respectively. As a Delaware resident, I can provide a Delaware situs for your trust and serve as a directed trustee, taking investment direction from an investment advisor and, if appointed, a distribution advisor who oversees trust distributions. You will need to make separate arrangements for asset custody and trust accounting services.
- A fully discretionary trustee is responsible for all discretionary aspects of trust administration, including investment decisions and distribution decisions. I can provide a Delaware situs for your trust and act as a fiduciary for all discretionary decisions involving your trust. You will need to make separate arrangements for asset custody and trust accounting services.
¹Prior to September 14, 2024, Trustee Services are not available to existing clients of Northern Trust Company.