When thinking about transferring your wealth, it is important to formalize a plan for how to allocate your wealth when the time comes. Working with your attorney, we can translate your goals and wishes into a legally binding document. This is important because without advanced planning, transferring wealth to a loved one can create strife and heartache among family members. While family members are often named as trustee, they can often be unable to carry out all the trustee duties due to a lack of knowledge, experience or time. The best trustee to help manage your family affairs is one that takes the time to listen, is honest, understanding and transparent.
What is a Trust?
A trust is a legal relationship many people use to keep their financial matters private, manage important assets and avoid probate court at death.
By law, it provides for the highest fiduciary standards and serves to establish a plan to protect hard earned assets and provide thoughtful direction for how assets should be managed and allocated for the benefit of the client and family and both before and after death.
A Trustee and their Duties
The legal responsibilities of a trustee are complex and significant. Some of the items required are annual reporting to all beneficiaries, filing the trust tax return, managing all assets, and distributing benefits to beneficiaries.
- Adhering to the instructions laid out within the Trust documentation by its creator.
- Performing actions that consistently align with the best interests of the Trust and its beneficiaries.
- Protecting and safeguarding the value of the Trust through wise investments and asset management.
- Paying taxes and other expenses associated with the management and administration of the trust in accordance with the Law.
Trustees assume the following duties and responsibilities as soon as they begin the administration and management of the Trust:
Our trust officers are always available to guide you through the best route for making the most of your established Trust in order to make practical and beneficial decisions regarding your assets.
The Right Trustee for You
Many people struggle to find the right person with qualifications and time to act as trustee.
At Heartland Trust Company, we are a corporate trustee who has been caring for families since 1990.
We are qualified to serve as trustee, agent, co-trustee, or guardian, depending on your unique situation.
Different trusts require different types of knowledge, expertise and understanding.
We have comprehensive experience in:
- Revocable Living Trusts
- Irrevocable Living Trusts
- Special Needs Trusts
- Charitable Remainder Unitrust
If you’d like to make sure that establishing a Trust is the best decision for you and your loved ones, call us at Heartland Trust Company today.
Our Trust Services
By naming Heartland Trust Company as your corporate or co-trustee you can take the burden off of your family and have peace of mind knowing that your assets will be managed responsibly and your loved ones will be provided for.
- Bill pay services
- Preparation of tax documents
- Management and investment of trust assets
- Regular and periodic payment disbursements to beneficiaries
- Cash management
- Trust accounting services and annual financial statements
- Estate settlement services
The Trust Administration and Management service we offer to our clients include: