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Fiduciary Services
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Every trust needs a Trustee. The Trustee manages the property of the trust and performs services for the beneficiaries of the trust, in accordance with the terms of the trust document.
The primary concern for anyone establishing a trust is assessing the ability of a Trustee to carry out the provisions outlined in the document. These duties are referred to as fiduciary responsibilities. A Trustee can be either a trusted individual, or many select a professional corporate trustee
such as WoodTrust Asset Management. Because these duties and responsibilities can be quite complex, there are a number of important issues to consider before simply naming a family member or friend as Trustee.
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Continuity
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Consider the potential for how long the trust may exist. Often trust terms span years or multiple generations. Continuity and ability to outlive the trust duration are ensured with a corporate trustee.
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Availability
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A Trustee must be willing to make the beneficiaries of the trust a priority.
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Impartiality
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Over time, family matters and relationships change. There can be many potential conflicts of interest among beneficiaries and a corporate trustee is experienced and trained in dealing with these matters in an impartial manner. The corporate Trustee is the neutral partner to all beneficiaries.
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Experience and Technical Knowledge
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Legal documents, investment management, tax issues and daily administration can all be very complex issues with trusts. Additionally, every trust relationship is a unique situation and requires a Trustee with
the knowledge and background to make decisions. A corporate Trustee is trained and experienced in handling 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 arise and the circumstances warrant an assessment of the current situation. This is where all of the traits of a good Trustee make the corporate Trustee a valuable partner.
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WoodTrust Asset Management is a nationally chartered trust company regulated by the Office of the Comptroller of the Currency. 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