Information regarding Professional Trustees and Professional Trustee services is is provided in the following subsections:
Professional Trustees provide trust privacy protection that Nominee Officers provide for corporate structuring. Having a professional trustee executing the business authorized by the trust enables the trust principals to keep from having their names appear on any public record documents. This provides a layer of privacy to the trust principals.
Professional Trustees can also manage and perform any or all of the trust duties regular trustees would perform, including keeping and preparing trust records. The Trustee, and fiduciary must impeccably execute the business of the Trust and are legally required to act in the best interests of the trust beneficiaries.
Our Professional Trustee services can perform the duties of co-trustee, full trustee, successor trustee or trustee agent. With our trustees in place you and your family members can have a professionally experienced trustee administrate your trust business and the legal ramifications associated with your trust activities. Providing you with the necessary meetings, documentation, record keeping and filings. Thereby ensuring the complete administration of your trust and its assets.
Here are some of the duties of professional trustees:
- Trust accounting and administration
- Property purchase or divestment
- All trust tax-related matters
- All trust legal obligations
- Holding necessary meetings and capturing minutes
- Trust asset Investment management
- Trust distributions (when required)
- Maintaining communication with trust beneficiaries
Your trustee manages your assets for the benefit of your family and yourself. Therefore, this selection merits special consideration. Some people choose a close friend, relative or personal representative as trustee. However, few individuals fully understand the complicated duties involved in the administration of trusts. Therefore, a professional trustee is key to the everyday operations of your trust. A professional trustee understands the intricacies of trust law and its administration. Your professional trustee ensures the efficient and complete execution of all trust structure requirements.
Your personal and financial objectives and ensuring the well-being of your family require careful and thorough preparation. That's where a professional trustee can help. Your trustee can be assigned by you to perform the following tasks:
- Ensuring trust documentation is properly maintained
- Ensuring the execution of mandatory trustee meetings
- Overseeing a complex investment portfolio
- Collecting rents
- Running a closely held business
- Distributing income and principal according to the trust directions
- Understanding tax aspects of investments and distributions and filing necessary tax forms
- Maintaining detailed financial records regarding the trust assets
- Handling daily financial matters for beneficiaries
- Paying the grantor’s bills and expenses.
One of the most important reasons for retaining a professional trustee is in addressing the Internal Revenue Service's “Alter Ego” doctrine assessment. With an unrelated non-family member acting as one of the trustees, it is very difficult for the IRS to assert the “Alter Ego” doctrine attack on your trust.