Choosing the right trust company is a big decision. You’re looking for a reliable, discerning, and savvy company that will carry out your wishes to a T. You also need someone who can guide you through the estate planning process. According to Legal Zoom, 74% of Americans delay establishing an estate plan because it’s too confusing. Here are a few things to consider when you are choosing a trust company.
Soft Attributes
There is a certain “soft” attribute that a trustee should have. Soft attributes are personality traits that lend themselves to the task of establishing, coordinating, and carrying out a trust. Trustees should be impartial and have a great deal of integrity while handling your assets. They need to be able to work with beneficiaries without bias to carry out the grantor’s wishes. Trustees need to be firm in their (a.k.a your) stance when it comes to distributing your assets.
Technical Skills
A trustee also needs to have certain technical skills, something a lot of trust companies cover extensively. Investment administration requires a good deal of know-how. Corporate trustees operate under strict policies to properly handle your assets. They provide monthly reports to the grantor along with written explanations for investment decisions.
Client Ratio
Trust companies with a smaller client pool are able to focus more on individual trusts. They can provide more thorough services and keep a better eye on the moving parts of the trust, including paying taxes, investing, and handling beneficiaries. You receive more quality attention when you work with a trust company with a good client ratio.
Cost
Cost can be a big deciding factor when choosing the right trust company. Usually, trust companies charge a percentage fee based on the overall value of the grantor’s assets. Choose a corporate trust that is upfront about their fees to avoid unforeseen costs down the road. If a corporate trust is forthright with their costs from the get-go, it speaks to the integrity of the company, too.
There are a lot of factors when considering a trust company. The best way to gauge whether a company is right for you is to do your research and compare different companies. If you’re considering trust companies in Alaska, Nevada, or Delaware, look to Peak Trust Company for a high-quality corporate trustee. We offer services for delegated trusts, directed trusts, and sample trusts so that you can make the most informed decision. Call today or visit our website for one of the best trust companies in the USA.