One of the most important decisions you will have to make when creating or updating your estate plan is appointing your trustee. Will it be a family member, a friend, or an Independent Corporate Trustee, such as Premier Trust?
When selecting your trustee, you will want to keep in mind the following:
Trusts are complex legal documents with major tax and family implications.
Corporate Trustees have professional knowledge and expertise in handling the complexities of trust administration.
Trust administration is time-consuming and can be complex.
Corporate Trustees employ dedicated professionals who have the experience and resources to manage the details of complex trusts.
Trust administration requires very specific financial reporting.
Corporate trustees have the financial and operational systems to provide timely accurate statements and reports to meet regulatory and beneficiary requirements.
Trusts may continue for many generations.
Corporate Trustees have a perpetual life. They will not die, become incompetent or go through distracting personal issues, all of which can happen to an individual family member or a friend who may be named as trustee.
Trust administration demands a high level of fiduciary responsibility and confidentiality.
Corporate Trustees are regulated and monitored by state or federal government agencies and are held to a much higher standard than that of individual trustees.
Dealing with the distribution of trust assets to beneficiaries can be emotional.
Corporate Trustees do not have the personal biases that a family member or a friend may have toward one or more beneficiaries. Corporate Trustees are not affected by emotions and personal agendas. Their job is to follow the client’s instructions objectively and faithfully.
Connect with a Premier Trust Advisor
If you are interested in learning more or are ready to appoint your Corporate Trustee, call and speak with one of our advisors today. Premier Trust has all of the necessary information and will guide you through the whole process, work with a company you can trust!