We pretend that it's a random and fair selection method, but every kid knows that it's all about manipulating the outcome. But I don't believe it, and I'll tell you why.įor centuries, children have used counting rhymes to select a person to be "it" or divide into teams during playground sports. For informational purposes only.The mainstream press never misses an opportunity to point out how our children are falling behind in math skills and won't be able to compete in the global marketplace. Phone: 56 / Email: posts expressed are views of FSTC and are not intended as advice or recommendations.
Make sure you spend time interviewing the various trustee options you have and make certain you are leaving your family in good hands.Ĭhief Fiduciary Officer / Managing Director
Our goal is to be flexible and understanding and caring and taking the role of a trustee as a privilege while at the same time balancing the directions within the four corners of the document. You should ask a potential trust company if they have a client/attorney/CPA list of contacts they can reach out to. Also, the grantor should ensure there is an exit plan for the trustee should the relationship, as it transfers generations, changes and is not what the grantor originally intended.įor First State Trust Company, we have clients in various trust roles (co-trustee, beneficiary, remainder beneficiary, attorney, CPA, etc.) that have indicated they would be a resource for any potential client should they want to get a feel for how it is to work with us. Much thought should go into the selection of the proper trustee. Also, a corporate trustee is knowledgeable of the laws that govern the trust. A corporate trustee ensures that relationships are managed when the primary contact is out of the office. With a corporate trustee you are being assigned a trust team that ensures someone will always be available for the client. This provides protection for the beneficiaries and remainder beneficiaries that the trust will be managed properly and there is a mechanism for recourse should something go awry. A corporate trustee is insured against any wrongdoing by the company. The decision to be insured is one that few individual trustees purchase. Additionally, the trust team is responsible for an annual review of the relationship to ensure everything is being handled prudently. There are both internal and external audits that ensure all trusts are handled properly. A corporate trustee typically makes a decision by a committee vote.Ī corporate trustee is heavily regulated. Moreover, unlike an individual, it is not just one person making the decision. A corporate trustee does not have to worry about how people will act at Thanksgiving Dinner if a distribution request is denied.
That means that they must weigh each decision fairly for all beneficiaries (current and remainder). I wanted to take a few moments and share with you some reasons to consider a corporate trustee.Ī corporate trustee has a duty to be objective. Do you choose an individual? Or a corporate trustee? Or perhaps a combination of both? Each has its advantages. Aside from the actual decision on how wealth is to be divided, whom you select as a trustee can be an equally daunting task. A trust can provide safety and security that the money will go as the wealth creator directs. Families often desire to leave money in trust for future generations.