When clients formulate their estate plan or update an existing plan, one of the most important decisions they must make is who will be the trustee. Will they appoint a family member, a friend, or an Independent Corporate Trustee, such as Premier Trust.
The Most Important Factors To Consider About Corporate Trustees:
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 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 your Local Trust Company
If you have any questions about Corporate Trustees or would like to learn more about our process, connect with one of our trust advisors today. Work with a Company you Can Trust.
Email us at firstname.lastname@example.org
Call us at (702) 577-1777