New Membership Organization – the Private Trust Consortium – Delivers Educational Programming and Risk Mitigation Services to Individuals Managing Private Trusts

Those thrust into the role of trustee now can use PTC as a go-to resource for Trustee Liability Insurance, counsel, and educational programming  

November 30, 2021: Boulder, Colorado. As the nation and the world are engaged in the largest transfer of private wealth in history, private trusts have become a common vehicle for families to distribute assets to beneficiaries. Individuals who are tapped for the role of Trustee often arrive to that responsibility without professional guidance, training, or support in the management of private trusts. That’s why, earlier this year, the Private Trust Consortium (PTC) was formed by a team of industry experts with deep experience and expertise in how to set up and manage private trusts.

“Trusts are an excellent vehicle to distribute wealth, but they also come with challenges and risks that nearly always are overlooked by the individual Trustee as well as the advisors on whom they rely for guidance,” said Bill Waller, one of PTC’s founders who for decades has been lead counsel in countless cases involving contested wills, trusts, and estate administration. “It’s hard to say ‘no’ when a family member, friend, or client taps you on the shoulder and asks you to serve such an important role. But a lot can go wrong and Trustees need to know what they’re getting into, where they can run into trouble, and how they can avoid and mitigate those risks. That’s why we formed the Private Trust Consortium.”

Among the programs and services provided by PTC is a library of resources for members, videos and webinars on key subjects related to trust management, and a first-to-market Trustee Liability Insurance Program offered through Chubb.

“Trustees often operate under the illusion that the general liability insurance they have personally or through their employment provides coverage for problems that surface though their management of a trust, but it almost certainly does not,” said Bill McManus, a member of PTC’s Management Committee who likewise has decades of experience as a litigator in trust and estate litigation. “Chubb has customized an insurance policy for PTC members built around the increasingly complex field of trust administration and the unique circumstances they present.”

While access to the Trustee liability insurance is a key component of PTC membership, avoiding unnecessary risks in the first place, learning from experts, and otherwise understanding and adhering to best practices in Trust management are what will set PTC apart. The organization will supplement the experience and knowledge of its Management Committee with best-in-class guidance from industry veterans who understand private Trusts inside and out.

Joining Waller and McManus on PTC’s Management Committee are: Co-founder Dennis Channer who is steeped with experience in wealth management and wealth transfer; Co-founder Dick Gawlick who likewise has deep experience in investment management and accounting; and Matt Clarke, an experienced litigator with front-line experience on issues associated with private trusts.

Whether someone is an advisor, a close friend, or a family member handed the role of Trustee, the need for trusted information, counsel, and programming to support their efforts has never been more important. Delivering that insight and those programs and services is the entire purpose of the Private Trust Consortium.

The Private Trust Consortium
1790 38th Street, Suite 207
Boulder, CO  80301 / 1-800-978-1237