The Loring, Wolcott & Coolidge trustees are professional fiduciaries and as such are subject to the provisions of Chapter 203 Section 4B of the Massachusetts General Laws. Before we can serve as trustees, there must be a will or instrument creating a trust for the care and management of property. There must be a will for us to serve as an executor, and any executor, administrator, or trustee under a will must be appointed by the court. Similarly, guardians or conservators have to be appointed by the court.

             The interests of clients are sometimes in conflict with the interests of their fiduciaries. For this reason, we do not practice law. Since we do not prepare wills and trusts for our clients or appear in court on their behalf, clients will need to retain an attorney to represent their interests in the drafting of these documents and for any court appearances that may be necessary. We do, however, review these documents and provide our input into this process when circumstances warrant it.

             In each of these fiduciary relationships, the fiduciaries are the legal owners of the property entrusted to them. As such, the fiduciary is responsible for making decisions regarding the management of that property. The professionals employed by the Loring, Wolcott & Coolidge Office support the trustees in the execution of their fiduciary responsibilities. To maintain the continuity of our relationships, we make a special effort to retain our employees.

             The trustees collectively serve as investment advisors. Loring, Wolcott & Coolidge Fiduciary Advisors is a registered Investment Advisor under the 1940 Investment Advisors Act. The Investment Advisor provides advice to the Trustees and clients who we do not serve as trustees. To assist in the investment process, the Advisor employs an independent investment advisor who participates with us in the investment meetings.

             Our standard fee schedule includes a fee for the following fiduciary services: investing, reinvesting, and maintaining custody over all assets under our control; collection of income, payment of expenses, maintaining records, and preparation of periodic accounts; and a separate charge for tax services including preparation of fiduciary returns, tax information and payment of applicable taxes. A fee of not more than one percent may be charged on the termination of an irrevocable trust. The fees do not include charges for the preparation of personal tax returns which are charged on an hourly basis. Trustee fees are pro-rated and charged to the client's account on a quarterly basis. Our fees do not vary with the number of fiduciaries named to serve on an account. Clients are duly notified prior to any changes in the fee structure.