If you are extremely busy with your career and family, and have accumulated a fair amount of assets, you might be concerned about a variety of issues related to financial management and wealth planning. Specifically, you might find that you don’t have the time or expertise to deal with these issues effectively. If this is the case, you might consider using a trust company.
You might think you need a large estate or millions of dollars to profit from working with a trust company, but you don’t. And if you’re unfamiliar with what a trust company can do, you might be surprised at all of the services it can provide, including the following:
Typically, when working with a trust company, you benefit from investment management designed to help you achieve a variety of goals, such as a comfortable retirement and college education for your children. The company can manage retirement accounts, monitor investments and disburse funds, make changes as needed and ensure compliance with government reports for contributions, withdrawals and rollovers. Although different companies operate in different ways, you may have an arrangement where you work with a personal financial advisor and a separate portfolio manager.
Financial management in the event of incapacity
Should you become disabled and unable to make financial decisions, a trust company can step in, giving you the peace of mind of knowing that your financial assets will be managed by a team of professionals, helping to protect you and yourself. your family, of consequences.
A trust company can perform several essential tasks related to the administration of your trust. The company can act as a trustee for a trust you have established, such as a revocable living trust, which can allow your estate to avoid probate while giving you great control over how your assets will be distributed upon your death. Alternatively, the trust company can work alongside someone you have appointed to execute the terms of a trust. If your chosen trustee resigns or becomes unable to make decisions, the trust company can serve as a successor trustee. When it’s time to settle your estate, the trust company can handle the appraisal, dispersal and change of title of assets, pay off all debts and expenses, and complete all tax returns related to your estate.
Payment of invoices and record keeping
A trust company can track all of the trust’s bills (housekeeping, medical bills, etc.) and provide statements summarizing the revenue, disbursements, and value of the trust’s assets.
In addition to providing these convenient services, a trust company can benefit you in more intangible ways. It is unfortunate but true that in many families the division of property can cause conflict and bitter feelings. But when a trust company serves as a trustee, it impartially administers the distribution of assets based on the instructions you provided in the trust, which helps to minimize family disputes over inheritances.
If you ever feel like the intricacies of wealth management and trust administration are becoming more than you can manage – or perhaps more than you want to manage – consider contacting a trust company. . You may find that it can make your life much easier.
This article was written for Edward Jones’ financial advisers. Edward Jones and his associates and financial advisers do not provide tax or legal advice. Chuck Smallwood, Bret Hooper, Tina DeWitt, Kevin Brubeck, Charlie Wick and Jeremy Lepore are financial advisors at Edward Jones Investments and can be reached at Edwards at 970-926-1728, at Eagle at 970-328-0361, 970-328 – 0639 or 970-328-4959 and in Avon at 970-688-5420.