Appointing your trustee is one of the most important decisions you will make when creating or updating your estate plan. 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:
1. 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.
2. Trust administration is time-consuming and can be complex
In order to manage the details of complex trusts, Corporate Trustees employ dedicated professionals who have the right
experience and resources.
3. Trust administration requires very specific financial reporting.
With their financial and operational systems, they provide timely and accurate statements. The reports are composed to meet regulatory and beneficiary requirements.
4. Trusts may continue for many generations.
Unlike an individual family member or friend, a corporate trustee will not die, become incompetent, or go through distracting personal issues. They actually have a perpetual life.
5. Trust administration demands a high level of fiduciary responsibility and confidentiality.
Regulated by state or federal government agencies, corporate trustees are held to a higher standard compared to individual trustees.
6. Dealing with the distribution of trust assets to beneficiaries can be emotional.
Lastly, biases can arise between beneficiaries and family members or friends. By using a Corporate Trustee, you can eliminate personal biases. Emotions and personal agendas don’t affect Corporate Trustees. 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!