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Fiduciary Services
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Every trust arrangement requires the appointment of a Trustee. The Trustee manages the property of the trust and performs services for the beneficiaries of the trust, in accordance with the terms outlined in the respective trust document. One of the main concerns for anyone establishing a trust is assessing the ability of a Trustee to carry out the provisions outlined in an estate plan. These duties are referred to as fiduciary responsibilities. A Trustee can be either a trusted individual or a selected professional Corporate Trustee, such as WoodTrust Bank. Because these duties and responsibilities can prove to be quite complex, there are a number of important issues to consider before selecting the proper Trustee.
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Continuity
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It is important to consider the potential for how long a trust may exist. It is not at all unusual that trust terms span years or even multiple generations. Continuity and the ability to outlive the trust duration are ensured with a quality Corporate Trustee.
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Availability
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A Trustee needs to be accessible, willing to communicate well, and must make the beneficiaries of the trust a priority.
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Impartiality
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It is not unusual that, over time, family circumstances and relationships change. Because there can be many potential conflicts of interest among trust beneficiaries, an experienced Corporate Trustee trained in dealing with these matters in an impartial manner can provide significant value. A Corporate Trustee must serve as the neutral and objective partner for all beneficiaries.
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Experience and Technical Knowledge
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Legal document interpretation, professional investment management, legislative changes, tax issues, and daily administration can all be very complex aspects of dealing with trusts. Additionally, every trust relationship is a unique situation that requires a Trustee with the knowledge and background to make prudent decisions. A Corporate Trustee has the staff, experience, and background required to navigate these issues.
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Understanding
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Many trusts are established with the Trustee and creator working together for years. This relationship and level of understanding helps the Trustee interpret the creator’s intentions at times when discretionary decisions are needed and the circumstances warrant a proper assessment of the current situation. This higher level of understanding and historical knowledge assists in making a Corporate Trustee a valuable partner and advisor.
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At WoodTrust Bank, we pride ourselves in being a premier provider of trust and investment services to over $900 million in assets for clients in living in 30 states. Our associates have the experience and knowledge it takes to successfully assist clients in handling financial matters and implementing estate plans held in trust.
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Not FDIC Insured - No Bank Guarantee - May Lose Value
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Consumer Banking