In directed, ‘trust friendly’ states like Tennessee, trustees, attorneys and investment advisors have increased flexibility in managing trust complexities. Tennessee trust laws have been modernized, and technology has advanced to allow the administrative duties of managing a trust to be separated from the investment management responsibilities. Counsel Trust collaborates with investment advisors, accountants, and attorneys nationwide to implement this new ‘bifurcated’ trust administration services model. SEI is Counsel Trust’s trust back office accounting system. Through SEI, a data link is established between the asset custodian and SEI, allowing all trust activity to be electronically transmitted for full trust administration. From the advisor’s perspective, all management and trading efficiencies are maintained.
Baby boomer clients are planning their estates for the next generation, with trusts being a major component of well-designed estate plans. However, no estate plan will function properly unless it is managed efficiently. Clients should have the ability to retain their advisors for investment, accounting, and legal services while obtaining separate trust administration services.
Estate planning attorneys have the responsibility of creating plans to protect assets for the benefit of clients’ beneficiaries. Clients often request their attorney serve as a trustee of newly created trusts. While attorneys have the expertise to serve as trustees, many do not want the associated long-term liability. A partnership with Counsel Trust Company provides a solution for attorneys who wish to stay involved with trusts they help create but prefer not to serve as an individual trustee.