A trust company can manage money or property on your behalf. The
trust company does not own your assets, but it may assume some legal
obligation to take care of assets on behalf of other parties, when
directed. It is hired to act as a fiduciary, meaning they act on your
behalf – making decisions on investments or asset distribution that
are in the best interests of you or your estate.
Trust companies can manage the day-to-day finances for clients,
making it an option for someone that is incapacitated, does not have
the motivation or capacity to manage personal finances, or does not
have anyone that they want to name as a Power of Attorney.
Additionally, trust companies also offer a variety of
estate-oriented services, such as guardianship, estate settlement, and
non-financial asset management. They can also act as advisors to
executors of wills and estates on more complex matters or can be a
good alternative for preventing future family squabbles when dealing
with inheritances and estate planning. If dividing up the assets of an
estate will cause family turmoil, a trust company can act as a neutral
A trust company offers access to a multi-disciplinary team of
professionals to support you and safeguard your assets, including
lawyers, notaries, accountants, and tax and investment advisors.
Some of the reasons why you might consider working with a trust
- You are looking for professional support and guidance during
the decision-making process for your estate planning.
want to have a trusted representative in place to make decisions
concerning your assets if you become incapacitated.
- You own
property abroad – and have taxation or other requirements that must
be taken care of during your ownership and as part of estate
- You are a business owner – and want to ensure the
complete execution of all duties and responsibilities of an
administrator, as well as handling legal and administrative
formalities during the entire succession process.
- You are
uncomfortable identifying someone around you to manage your estate –
Trust Companies can act alone or alongside a named executor to
provide support and are available to assist in areas the executor
may not be familiar with.
- One of your potential estate
beneficiaries cannot handle financial decisions and will need a
trustee to manage their inheritance for a long period of time.
The fees for a trust company service are based on the value of the
assets under administration and may include annual minimum fees and
initial set up costs. For more information about trust services,
contact your Wealth Advisor.