Advisor Friendly Trust Services

Trust services are becoming popular among wealthy families and individuals as they allow control over asset distribution to beneficiaries, assign fiduciary responsibility, and ensure a structure for future safety and growth.

According to Stephan R. Leimberg, an estate planning author and lecturer, vital elements of estate planning include control, certainty, compassion, flexibility, assurance, and avoidance of aggravation. Trusts, particularly those in states with favorable trust laws like Tennessee, play a key role in achieving these objectives.

If properly constructed, trusts can manage asset disposition in a tax-efficient manner. Trust companies act as corporate trustees for their clients, serving in a fiduciary capacity as they administer, manage, and eventually transfer assets to beneficiaries.

Unlike broker-dealers and registered investment advisors who select suitable investments, trustees must make decisions in their clients’ best interests.

Trust companies can structure wealth distribution using various trust vehicles, managing estate taxes, family business interests, charitable gifts, and intergenerational planning.

Trusts often contain complex provisions for transferring a broad range of assets, including closely held businesses, family heirlooms, farmland, customized annuities, limited partnerships, and methods of charitable giving. They can also address long-term intergenerational planning.

Adding trust services can increase your firm’s appeal to high net worth and ultra-high net worth individuals and families, a growing and competitive segment of the financial services marketplace.