BackFor Trusts, Corporate Trustee's are a Must
Article submitted by Craig Standing of The Bank of Utah. He can be reached at 801-924-3616 for more information.
When you set up any trust, you will need to name a trustee to manage the trust assets. Depending on the type of trust you have, this could be yourself, a corporate trustee, your spouse (as co-trustee), or another person whom you choose. Even if you can be your own trustee, there are many benefits to having a corporate trustee, such as a bank of trust management group, involved.
A corporate trustee is an institution that specializes in the management of trusts. A trained staff of professionals manages the trust assets according to the instructions you put in your trust, handle all required paperwork, maintain accurate records, distribute any income from the trust and, when the trust is dissolved, distribute the assets to your beneficiaries.
A corporate trustee offers experience, professional investment management services, regulation, reliability, and objectivity.
A corporate trustee works with trusts everyday. They are very familiar with the trustee's legal responsibilities and government requirements. They provide excellent records and can handle a variety of trust services economically and efficiently.
Corporate trustees are legally bound to follow your trust's instructions objectively and unemotionally. Both State and Federal Agencies regulate our activities. Most courts consider us 'experts' and hold us to a higher degree of performance than an individual trustee. Emotion driven choices, following a loved ones' death, can strain family relationships and may result in hard feelings for years. Use of a Corporate Trustee eliminates this problem and also prevents the possibility of an individual taking control of money or property, which the other loved ones might resent.
Corporate trustees can manage all kinds and types of assets.
With a corporate trustee you gain peace of mind from knowing that a qualified professional, whom you have personally selected, will manage your financial affairs for you now and when you are no longer able to do so yourself. As a corporate trustee, they can buy and sell assets, handle required paperwork, maintain accurate records, and distribute income and assets as your trust directs.
Personal direct contact makes all the difference when dealing with difficult estate problems. Corporate trustees should have extensive experience in serving as a corporate trustee and establishing trusts of all types. A corporate trustee can help you establish a trust custom-tailored to meet your unique needs, ensuring you maximum control over the distribution of your assets to loved ones.
If you or someone you know is considering establishing a trust, or moving an existing trust account, consider a corporate trustee.