One of the challenges of the modern trustee is dealing with difficult assets. Guided by the Prudent Investor Rule, corporate trustees are reluctant to stray from traditional investments, such as stocks and bonds, which they have been trained to manage.
Unfortunately, especially for the Western entrepreneur, all or a major portion 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. The challenges lie in managing complicated assets and potentially arranging for their sale, not to mention possible conflicts of interest when family members hold an interest in the same assets for which they have a fiduciary duty to administer. In these cases, First Western Trust provides a valuable service by offering professional services and a team that is experienced in managing unique assets.