One of the first things that we ask our Trust clients to do is to name a trustee. This is a very important decision, as the person they pick will be legally responsible for managing assets and carrying out the purpose of the Trust. And for the most part, many clients know exactly who they would choose for the role.

But what if you do not have someone you trust to be? In some cases, our clients have significant trouble deciding who else could make financial decisions for them if they become incompetent or die. For these clients who do not have any family members or friends they trust to ensure their wishes are carried out, a trust department at a bank or investment firm could be a solid alternate option.

What does a trust department do?

Trust administration services are a popular option for people who need or prefer a third party managing their Trust. This entity would step in upon your incapacitation or death and manage the Trust per the rules and duties you set forth for the Trust, including but not limited to:

  • Managing Trust funds, including collecting funds owed to the Trust and protecting assets
  • Conducting business transactions
  • Disbursing checks and property
  • Making required or discretionary distributions to beneficiaries
  • Paying outstanding debts and taxes owed by the Trust
  • Keeping records, preparing tax returns, and providing reports as requested
  • Other lawful transactions

Be wary of the fine print!

Before naming a trust department as your trustee, it is important to interview the entity to make sure they are the right choice and can meet your unique needs. This includes being aware of all fees and rules and ensuring that the trust department does not have a minimum amount that must be in the trust before they are willing to be a trustee. Some larger banks or investment firms will only act as trustees if the Trust has more than $3 million in assets.

Obviously, not everyone has that kind of money in their Trust. In some cases, smaller, locally-owned banks will serve as a trustee for smaller Trusts. If you are having difficulty locating a decent option, ask your estate planner. They will likely have a list of possible options for your particular situation.

Call Leigh Hilton PLLC today!!

Call Leigh Hilton PLLC in Denton, and we will help walk you through all of your estate planning needs. We have ample experience and will take into consideration your particular situation. Proper planning of an estate, whether through a Will, Trust, or both, helps ensure your wishes are carried out.

Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.

Thanks for reading!

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By Appointment Only


By Appointment Only
Leigh Hilton P.L.L.C